First Lady, Senator Oluremi Tinubu, has expressed optimism that the rebranded Government Enterprise and Empowerment Programme (GEEP), would unlock unprecedented economic gains for market women. She made the remark at the flag-off of the Market Moni, a part of GEEP, National Social Investment Programme (NSIP), in Abuja.
It is a social intervention under the Federal Ministry of Humanitarian Affairs and Poverty Alleviation. The Market Moni would be providing zero interest, zero collateral loans to 1.5 million market women beginning with 109 markets in each senatorial district and Abuja.
Tinubu said the transformative impact the micro, enterprises fund would have on the lives of the vulnerable in the society cannot be overemphasised: “It will play a crucial role in fostering inclusive growth and providing tangible benefits to those who need it most, especially market women and persons with disability. This will in turn empower the households and drive down the poverty ratio.
“I commend the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, for the good work she started so well. May God strengthen you to finish the work successfully. By supporting micro, small and medium enterprises, we empower local entrepreneurs to generate employment, thereby offering a lifeline to those struggling to make ends meet.
“This not only reduces unemployment rates but also enhances the overall well-being of individuals and families. 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.
“It is in this regard the rebranding of the three components of the program is significant.
“The rebranding of GEEP with local indigenous languages, will drum home, especially among the women folk, including traders and farmers, a deeper understanding and actual implementation of the programme in our native languages.”
Tinubu advised beneficiaries of the interest-free loan to plan wisely, exercise financial discipline in managing the fund and invest strategically while being committed to repayment.
Edu said President Bola Tinubu “is in a hurry to change the narrative and pull millions out of poverty. Beneficiaries should be prudent in managing the fund. It has to be repaid because it not free money.
“To demonstrate transparency in the scheme, the registration and disbursement of the loan will take place right in the markets. We are taking one major market in each of the 109 senatorial districts in the country. We are going to the markets to carry out the intervention. Sensitisation will clean up for disbursement.
“Market women will be registered in the market. Their accounts opened in the market. Their cards are given to them in the market. We don’t want them leaving the market and their small stores to go to another location and queue up on the line for hours to get the same service.
“This is taking governance to the people where they work, where they live, where they trade. As soon as they register, the loan of N50,000 without interest or collateral will be given to them. And of course, they will assess it there in the market and use it for their businesses.
“The Market Women’s Moni concept will help the micro-economy that will feed into the micro-economy, thereby making Nigeria’s economy better and stronger while pulling millions of Nigerians out of poverty.
“The scheme is targeted at 1.5 million Nigerians who will benefit in the various stages. The President is committed to eradicating poverty. The ministry is determined to meet the target given to it by the president in pulling 50 million Nigerians out of poverty in the next 42 months.
National Coordinator, National Social Investment Programme Agency (NSIPA), Halima Shehu, said the loan would play a supportive role in augmenting and expanding existing petty businesses owned by traders. She pledged the commitment of the agency to meet the ministry’s target.
A beneficiary of the Market Women’s Money, Mrs Cicilia Illah, said the loan would go a long way in boosting the businesses of market women: “I will never believe that a poor woman like me can enter the Villa. Today, I am in Aso Villa sitting with the wife of President.”
Ministers, National Assembly members, royal fathers, diplomats, development partners and other top government functionaries were also in attendance.