FG flags off expanded market-moni to benefit 1.5 million Nigerians

The First Lady, Senator Oluremi Tinubu, on Wednesday, flagged off the targeted expanded market – moni scheme also known as ‘iyaloja’, ‘nne ahia’ or ‘agajin yan kasuwa’ with an estimated one and a half million beneficiaries.

She also performed the symbolic presentation of cheques to beneficiaries of the market moni programme under the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, which held at the Banquet Hall of the Presidential Villa, Abuja.

In her remarks, the first lady advised those who might secure interest and collateral free loans through this programme to “Plan wisely, exercise financial discipline in managing the funds, invest strategically, be committed to repayment agreement, and be flexible to be able to navigate the dynamic business landscape.”

Senator Tinubu said the present administration was poised to support Micro, Small, and Medium Enterprises (MSMEs) in the country so as to create a ripple effect for employment generation for Nigerians.

She said such support goes a long way in serving as lifeline to those struggling to make ends meet, while enhancing the overall well-being of individuals and families.

According to her, the transformative impact that MSMEs can have on the lives of the vulnerable ones in our society cannot be overemphasised, considering the fact that enterprises are the bedrock of our economy.

She said it plays a crucial role in fostering inclusive growth and providing tangible benefits to those who need it most, especially women and persons with disability.

Senator Tinubu said small scale businesses provide a platform for economic empowerment of those with limited resources who can become self-reliant entrepreneurs when equipped with skills and a supportive environment.

She said : “It is in this regard, the rebranding of the three components of this programme is significant. Thus, Tradermoni (now rebranded Owo Oja or Olilanya Ndi Nagbambo or Tallafin Sana’a); Farmermoni (now rebranded Owoagbe or Olilanya Ndi Oru Ugbo or Tallafin Manoma); and Marketmoni (now rebranded Iyaloja or Nne Ahia or Agajin Yan Kasuwa).

“These rebranding drums home, especially among the womenfolk including traders and farmers, a deeper understanding and actual implication of the programme in our native languages.

“As I was informed that one of the strategic components of the Federal Government’s National Social Investment Programme (NSIP) is the Rebranded and Expanded Government Enterprise and Empowerment Programme (GEEP), this Programme is expected to focus, amongst others, on offering interest and collateral-free loans to small scale entrepreneurs thereby providing financial inclusion and enabling individuals with limited resources to access much-needed capital for entrepreneurial endeavors.

“This democratization of financial resources helps break down barriers and empowers the poor to participate actively in economic activities….”

While speaking, the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, said the expanded Government Enterprise and Empowerment Programme (GEEP) was part of the initiatives packaged to achieve the mandate to lift 50 million Nigerians out of poverty.

She said the market – moni scheme targeted at one and a half million beneficiaries across various states in the country would cover all the 109 senatorial districts.

The minister said one major market from each of the senatorial districts would be taken, adding that each beneficiary would receive interest and collateral free loans of N50,000 after registration.

She said: “We are at a point to lift 50 million Nigerians out of poverty….
“They will be registered in the market. Their BVN will also be registered in the market….It is taking governance to the people.

“As soon as they register, a loan of N50,000 will be given to them, to use it for their businesses. The target for this is 1.5 million Nigerians that will benefit. We have other programmes that are within that bracket. Some of them are special projects targeted at Nigerians. I must say that Mr President is in a hurry to change Nigeria for better within the next one year.”