TraderMoni: Vice President Osinbajo Visits Warri Market To Assess Disbursement Of Loan

Vice President, Prof. Yemi Osinbajo, on Friday visited the Warri Main Market and Ogbe Ogonogo Market, Asaba in Delta State to assess the disbursement of the TraderMoni scheme.

TraderMoni is an Empowerment Scheme of the Federal Government created specifically for petty traders and artisans across the country.

Under the scheme, two million petty traders across the country would get N10,000 collateral-free loans this year.

Osinbajo, shortly after touching down at the Warri Airport, proceeded to the Palace of Olu Of Warri Ogiame Ikenwoli for a courtesy visit.

Osinbajo was given massive welcome at the palace where he addressed an enthusiastic crowd.

He explained that TraderMoni, a brainchild of President Muhammadu Buhari, was meant to empower no fewer than 2 million petty traders in 2018.

“Today, I am here to flag off the TraderMoni scheme –one of those schemes initiated by President Buhari.

“We have looked at the whole commercial landscape of Nigeria; the largest number of people engaged in commerce are petty traders.

“They are small traders; some of them table top traders; some of them selling on trays and the whole is usually not more than N2000 to N5000.

“The president then decided, following an experience which he had with the Katsina Foundation which he was the chairman, that it is important to give these petty traders some kind of a loan—N10,000.

“When they pay back, we give them N15,000, when they pay back, we give them 20,000 and we keep increasing all the way to N100,000 so long as they come back.

“It is meant to empower the petty traders,’’ he said.

The vice president said that there was nothing political about the scheme as was being insinuated.

He said it was unfortunate that because the scheme had gained popularity, some people were attacking it.

At the Warri Main Market, Osinbajo was given a rousing welcome by a waiting crowd which cheered and hailed as the vice president acknowledged cheers.

He went round the market lines and stalls to have a one on one exchange with the traders.

Afterwards, the vice president proceeded to palace of Ovie of Ughelli Wilson Oharisi 111 on a courtesy call.

At the Ogbe Ogonogo Market, Asaba, Osinbajo was also received by broom wielding crowd.

He went round the market and had one on one interactions with the traders who told the vice president their successes with the TraderMoni.

NAN

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Thugs Allegedly Linked To Saraki Disrupt TraderMoni Scheme In Ilorin

Suspected thugs claiming to be supporters of the Senate President, Bukola Saraki, invaded the mandate market and Ipata market in Ilorin, Kwara State, this morning, chasing away petty traders and TraderMoni agents from the markets, disturbing them from carrying on the business of disbursing money to beneficiaries of the TraderMoni scheme.
Eyewitness accounts said that as early as 9am, a small mob, some of them wearing PDP Atikulated T-shirts, stormed the market, led by Alhaja Gazali, insisting that the TraderMoni scheme cannot be conducted in the Mandate market, because the Senate President’s father was the one that donated the land on which the market was built to the government.
According to witnesses, including Bank of Industry (BOI) officials who were at the market to supervise the enumeration and disbursement of the N10,000 collateral free loans, the arrival of the mob caused an uproar in the Mandate market in Ilorin as many of the petty traders who were yet to receive their loans were annoyed that the thugs disrupted the process.
This led to chaos which forced the TraderMoni agents to escape as they were chased away by the thugs who were threatening, intimidating and harassing both the agents and the petty traders who had lined up to participate in the TraderMoni process.
Officials of the Bank of Industry also explained to newsmen that enumeration had been going on in two markets in Kwara State in the last few days and the vice president was expected in the markets on Friday, December 7 (today).
Eyewitness accounts said the thugs said to have been instigated by the Senate President had invaded the market this morning, were boasting that neither the Federal Government nor the VP can come and operate the TraderMoni scheme in a market that “belonged” to the Senate President.
At the Ipata market, where enumeration and disbursement of the TraderMoni loans was also going on, market leaders also reported that a call came about noon today from similar quarters asking the leaders of the market not to cooperate with the enumerators of the TraderMoni scheme. But the market leaders in Ipata insisted and the process of enumeration and disbursement in Ipata market reportedly proceeded without incident.
TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP) under GEEP, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000. The loans are repayable over a period of six months at which point the traders on repayment will receive a fresh N15,000 loan, which rises to N20,000 when repaid.
The microcredit scheme, which has since been formally launched nationwide and the FCT, is expected to reach 2 million petty traders by the end of the year.
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Vice President Yemi Osinbajo Takes TraderMoni scheme to Lagos

Vice President Yemi Osinbajo, on Monday, formally launched the TraderMoni Scheme in other markets in Lagos, South West Nigeria.

The event was in continuation of the Buhari administration’s TraderMoni scheme, which has so far given N10,000 collateral and interest-free loans to over 800,000 petty traders nationwide.

A statement from of the Office of the Vice President said the Prof Osinbajo launched the scheme in Ketu, Bariga and Oshodi markets in Lagos.

“While there are so far over 809,000 beneficiaries of TraderMoni, over 1.1 million Nigerians – market women, traders, artisans, farmers – are currently beneficiaries of GEEP, which comprises FarmerMoni, MarketMoni and TraderMoni.

“FarmerMoni loans start at N300,000, and are for farmers in farming clusters, via farm aggregators, while MarketMoni is a 6-month interest-free credit of between N50,000 and N300,000 for small businesses – medium-scale traders, market women, artisans, and youth in market associations – under the auspices of their cooperative societies,” it said.

Under the TraderMoni scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N100,000 when they repay N10,000 within the stipulated time period.

The micro-credit scheme under the Government Enterprise and Empowerment Programme (GEEP), was first formally launched on August 7 in five markets in Lagos State – Mushin, Ikotun, Agege, Ketu, and Abule Egba areas.

TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP), is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000.

The loans are repayable over a period of six months.

“The scheme, which has since been formally launched in 33 states and the FCT, is expected to reach 2 million petty traders by the end of the year.

“Also, through TraderMoni scheme, the Buhari Administration aims to take financial inclusion down to the grassroots, and uplift Nigerians at the bottom of the pyramid, considering the contribution of petty traders to economic development.

“The Federal Government is also aware of the fact that many of the petty traders don’t have what the commercial banks require to grant them loans,” the release stated.

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Vice President Osinbajo To Launch TraderMoni In Owerri

Vice President Yemi Osinbajo, (SAN), will today launch the TraderMoni scheme in Owerri, Imo State capital.

A statement by Senior Special Assistant to the Vice President on Media and Publicity Mr Laolu Akande says TraderMoni, which is part of the Federal Government’s Social Investment Programme, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000. The loans are repayable over a period of six months.

He said the micro-credit scheme under the Government Enterprise and Empowerment Programme (GEEP), was first formally launched on August 7 in five markets in Lagos State – Mushin, Ikotun, Agege, Ketu, and Abule Egba areas.

According to mr Akande, Following the Lagos leg, the micro-credit scheme has since been formally launched in eight other states, including Kano, Abia, Akwa Ibom, Katsina, Osun, Kogi, Oyo, Cross River; and Abuja (Federal Capital Territory).

Under the scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N100,000 when they repay N10,000 within the stipulated time period.

Also, through TraderMoni scheme, the Buhari Administration aims to take financial inclusion down to the grassroots, and uplift Nigerians at the bottom of the pyramid, considering the contribution of petty traders to economic development. The Federal Government is also aware of the fact that many of the petty traders don’t have what the commercial banks require to grant them loans.

Petty traders from across the states have continued to laud the Buhari administration for helping them in expanding their trade and empowering them economically.

By the end of 2018, the micro-credit scheme would have reached all 36 states of the federation, with an estimated two million petty traders set to become beneficiaries.

 

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Why Tradermoni Matters, By Amaechi Agbo

On 7th August this year, the Federal Government commenced the Tradermoni scheme in Lagos.

Tradermoni scheme is designed to help petty traders expand their trade through the provision of collateral free loans of an initial sum of N10,000.

The scheme was launched in partnership with the Bank of Industry, BoI, in order to enlarge government’s financial inclusion agenda down to the grassroots, the bottom of the ladder, considering the contribution of petty traders to economic development of any nation. It is a federal government empowerment scheme to help alleviate poverty in Nigeria by empowering traders and artisans.

Tradermoni is similar to MarketMoni which is another cash transfer loan scheme of the the Federal Government under the same Social Investment Programmes, but they are not the same. While Marketmoni loans start at N50, 000 and target medium-scale traders, market women, artisans, and youth in market associations. Tradermoni loans on the other hand starts at N10, 000 and target petty traders and petty artisans.

There have been lots of misconceptions with people questioning what the petty traders can do with N10,000. But one cannot wish away the impact it will have on the fufu seller on the street whose capital is N3,000. As little as it seems, an added sum of N10,000 to her capital would lead to her expanding her business and serving more customers.

To an average income earner, N10,000 does not sound so big a money to help in business but to the rural traders, it is not so. N10,000 will make a significant impact in the business of the roadside corn seller, akara (fried bean) seller. The ugu (pumpkin) seller as well as the groundnut, garri, shoe maker/reparier, beans and all other petty traders who are the beneficiaries of this scheme.

These loans come from a recognition of the genuine contribution of petty traders to the growth of the nation’s economy. Consequently the loan will not only help the local traders to expand their businesses, but also change their standards of living thus aiding in poverty alleviation and stability in the country’s economic outlook.

This programme aims at reducing short-term poverty by direct cash transfers and fight long-term poverty by increasing human capital among the poor through conditional cash transfers.

Under the scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N50,000 when they repay the initial N10, 000 within the stipulated time period of 6 months. Accordingly, beneficiaries have the options to repay the loan with flexible options of N85 daily or N430 weekly.

Since coming into power via his change mantra, President Mohammadu Buhari has never hidden his desire to change the economic well-being and welfare of the poorest Nigerians – the masses. Access to credit to help boost the output of their petty businesses has proven to be one route he has taken in providing succour to Nigeria’s lowest income earners.

The Vice – President Yemi Osinbajo over the week told beneficiaries of the Tradermoni loan scheme in Gbagi Market, Ibadan, Oyo state, that more funds would be committed to the scheme as soon as the traders begin to pay back. This emphasises the need for the sustainability of the programme, which in itself can only be sustained through the collective efforts of the traders – simply paying back the small loans they have collected.

Tradermoni scheme is not only a justification of the current Federal Government’s unrelenting drive to take Nigerians away from the clutches of poverty but also a determined initiative to ensure that government reaches out to the unreached, and create a more equitable society.

The scheme has been implemented, successfully, in 10 states so far. These states are: Lagos (the pilot state) which was launched on August 7, Kano state kicked off on August 18, 20th of August saw Abia state integrated into the scheme while Akwa Ibom was on 21st of August.

Katsina got into the initiative for the take off of the scheme in the state on September 1st; Osun, Kogi, Cross River and Oyo states kick started the scheme on 3rd, 8th, 11th and 13th of September, respectively. The programme was also launched in the Federal Capital Territory on the 6th of September at the Utako Market.

With the scheme currently being implemented in 10 states, including the Federal Capital Territory, the Vice- President, as part of his outreach in ensuring a smooth and successful implementation of the free loan scheme, visited  the market in Ibadan to assess how the loan was being executed and to ensure that all registered traders got the money.

It is unfortunate that there are Microfinance banks in the country which invariably are saddled with the responsibility of granting or providing loans to small traders but have made their interest rates so high that no low income trader would dare consider. This initiative by the Buhari administration helps close the gap.

The intention of the programme is to reach all 36 States of the country and the FCT. It has started on a remarkable note and can only get better. Testimonies from some of the beneficiaries have already filled the media space – attesting to the impact it has made in their little businesses. The testimonies resound what ought to be: government should be for not just the elites, but the lowest cadre of society. And this is what the Buhari administration is achieving with the TraderMoni initiative.

 

 

Amaechi Agbo is a public affairs analyst based in Abuja

avameche@gmail.com

 

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