FG To Distribute N140 Billion For Petty Traders, Farmers And Artisans Across The FederationThe federal government of Nigeria has on Wednesday, January 17, revealed plans to disburse the sum of 140 billion naira to petty traders, artisans and farmers under a scheme supervised by the Bank of Industry (BoI).
The initiative tagged Government Enterprise and Empowerment Programme (GEEP) is set up to encourage enterprising youths across the country.
The loan scheme has a daily repayment plan that will span 24 weeks.
Vanguard reports that BOI has employed the services of market aggregators to train, identify and monitor the beneficiaries of the programme to ensure that the money is paid back.
Market aggregator of the Pro-poor Gate Foundation for the North, Yunusa Gafai, explained that GEEP was being implemented under the federal government’s special intervention programme on social investment.
Gafai stated that the loans to be given to the petty traders, artisans and farmers range from N10,000 to N100,000 with no interest charges but an administrative fee of N500 per N10,000.
“The Bank of Industry is in charge of this loan and has promise to give only those already in business that needs expansion. For this to be implemented, the loan will be repaid daily by beneficiaries, according to the different categories.
“The amount to be repaid daily for the N10, 000 categories is N437.50, N875.00 for N20, 000, N2, 187.50 for N50, 000 and N4, 375.00,” he said.