The Federal Government, yesterday, concluded plans to disburse N140 billion to petty traders nationwide to improve the Nigeria’s economy.

The initiative to be championed by the Bank of Industry, BOI, will benefit petty traders, artisans, enterprising youths as well as small scale farmers across the country.

To this end, BOI had employed the services of market aggregators to train, identify and monitor those that will benefit from the programme to ensure that the money is paid back in 24 weeks.

Speaking at the training of super agents, who are the foot soldiers for the effective implementation of the programme, in Abuja, the market aggregator of the Propoor Gate Foundation for the North, Yunusa Gafai, explained that the N140bn for the Government Enterprise and Empowerment Programme, GEEP, under its special intervention programme on social investment is to empower the beneficiaries economically.

According to him, the loans to be given to them range from N10,000 to N100,000 with no interest charges but an administrative fee of N500 per N10,000.

To access the loan, Gafai noted that the individual must be a registered member of an accredited market association, cooperative or trade group and must have a valid Bank Verification Number, BVN.

“As a market aggregator, what we do in each state is to first identify our super agents and call for their applications, after training them, we assign them to each association. They are then mandated to open an account for each beneficiary under them. Once they are able to do all that they are then qualified to apply and get the loan.

“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.”

http://www.kikiotolu.com/2017/01/fg-boi-to-disburse-n140bn-to-petty.html

Propaganda.. No b today..

Change!

This is a very great news,so that we can rest in nairaland from the incessant wailing of ipob petty traders.

Great initiative,

We only Hope it sees the light of the day

ANOTHER AVENUE TO CHOP MONEY

Why should BOI give money to traders

We have enough traders already, what we need are industries.

Aufbauh:
This is a very great news,so that we can rest in nairaland from the incessant wailing of ipob petty traders.

Lies lies upon lies

Another white elephant project!

mamatayour:
Lies lies upon lies

They here with your negative thoughts about this govt.

Your mates enrolled for npower program and right now they have started collecting their stipends. is that also lies??

Hope politicians and their cronies won't hijack the program

Pls check out my signature for quality and durable furniture

Ok

Good

Na hear we dey hear, abeg make e reach me !

This habit of sharing and disbursing money in Nigeria does not do jack instead it makes people more dependent.

Why not invest the money in structures or use them to create better programs that will empower people and make them independent. Share this one today and tomorrow they'll come back for more....

"To disburse"

Let us know when it is actually disbursed AND received by the intended recipients.

Leaders of market associations and cooperatives will work on manipulating the system.

They had better do it through cooperative societies otherwise there will be too many defaulters.
We should revive our cooperative societies.

Leaders of market associations and cooperative will work on manipulating the system.

The same govt that hasn't been able to pay Npower stipends. Smh

Good development

ephi123:
"To disburse"

Let us know when it is actually disbursed AND received by the intended recipients.

You are a too-sharp-somebody. Lol.

This would only lead to inflation

persius555:
The same govt that hasn't been able to pay Npower stipends. Smh

Just another propaganda loading......
Another promise that will not be fulfilled.

seguno2:


You are a too-sharp-somebody. Lol.

Learning from you bros

anthony86:
This would only lead to inflation

explain

Good initiative, pray its properly implemented and it's sustainable

I am tired. I will not be voting for Buhari in 2019. I campaigned for him online and offline and i am disappointed. These billions and the npower billions and aso rock budget billions and so many other billions can be spent on much more serious things. I am not in government but the hardship is real. I believe Government should mainly focus on Education,Security,Health and Food Security. To get these four things in Nigeria is now elitist.Yet all we hear is billions to revive the economy.

My poeple dont be shocked if by the end of the year they tell you GDP has improved and IMF Declares the recession over yet you are spending even more money on Cooking Gas,Indomie,Pure water, Gala and the likes. If the price of indomie and gas doesnt go back to the price it was prior to recession or my earnings dont improve to curb the inflation, then how can man survive ? However watch out, all these billions is a setup for December so that they will say recession is over when hardship will be rife and only GOD knows what dollar would be then.

As for we youths, These old guard cant help us. If you are young start processing Canada and relocate. If you can, give birth to your children in the USA so they can get citizenship. Nigeria is a dead country. Even if you have money your life is not secure which is sad because the first mandate of Government is security of life and property.

If you ask Fashola how many MW is needed for nigeria to be an industrial nation i am sure he wont know. Even power wont solve our problem. There is light in America, yet so many stuff are made in mexico and even iphone is assembled in China not america. Its just sad. All sectors in this administration is failing. I have great pity for the youths and the next generation.

Una go old !

EdegbeLine:

They here with your negative thoughts about this govt.

Your mates enrolled for npower program and right now they have started collecting their stipends. is that also lies??

no mind her.

This is a very good initiative, I pray they record success in the scheme.