FG To Give Two Million Traders Loans Without Collateral

The President Muhammadu Buhari-led administration has moved to encourage traders with soft loans through an initiative.

The Federal Government has inaugurated a new initiative under the Government Enterprise and Empowerment Programme to empower two million petty traders between now and the end of the year.

The initiative called the Trader Moni is meant to further enlarge the present administration’s financial inclusion agenda for all Nigerians regardless of social class and economic status.

The Senior Special Assistant to the Acting President on Media and Publicity, Mr Laolu Akande, disclosed this in a statement on Sunday.

Akande explained that the scheme which was inaugurated in Lagos last week would grant a minimum of 30,000 loans in each state of the federation and the Federal Capital Territory.

He said the two million mark was expected to be attained on or before the end of the year, with petty traders in Lagos, Kano and Abia states set to be the first round of beneficiaries to draw the collateral-free loans.

He said, “In addition to the 30,000 loans per state, states with a larger population like Lagos and Kano are expected to get more than 30,000 loans.”