BENIN There was jubilation among traders in Edo State as they received alert from the TraderMoni, one of the component the Federal Government’s Social Investment Programme (SIP).
Vice President of Nigeria, Prof. Yemi Osinbajo, was in Benin City, the Edo State capital to distribute the loan.
Prof. Osinbajo visited the Oba market and the Ekiosa market where he interacted with traders.
Many of the traders wore t-shirts with the TraderMoni insígnia and they displayed the 4+4 sign to show their support for the APC.
Osinbajo took time to explain to the traders on the need to pay back so that they could get loan up to N100,000.
In a chat with newsmen, Prof. Osinbajo said the traders at the bottom of the pyramid pay back loans than the rich.
According to him, “We ensure we are able to give micro credit to market women. These petty traders, their inventory are not more than N2000 so we give them N10,000 via their electronic payment. If they pay back we give them N20,000 and up to N100,000.
“We have to ensure the bottom of the pyramid in Nigeria is supported. If we do not give millions of petty traders loan, how do they get out of poverty.
“Those at the bottom of pyramid are consistent in paying back loan. They are far more fidelity to the rules than the rich. When they pay back they get more money. It makes sense to pay back. That is the way it is structured.”
Governor Godwin Obaseki who assured the beneficiaries of more incentives for Micro, Small and Medium Enterprises (MSMEs), said his administration would continue to work closely with the Federal Government on the several empowerment initiatives designed to enhance the welfare of Nigerians.
The governor urged market men and women to take advantage of the funding window to scale their businesses and improve their welfare.
