Under the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, the federal government would provide loans to 98,000 people in a new phase of its empowerment initiative.
The Government Enterprise and Empowerment Programme, also known as GEEP Loan 2.0, has since been implemented for the beneficiaries, who come from all 36 states of the country as well as the Federal Capital Territory, FCT.
The final verification of Phase 1 applicants who have been confirmed qualified to benefit from small loans ranging from N50,000 to N300,000 has already been completed.
“All beneficiaries of GEEP 2.0 shall receive congratulatory and sensitization text messages in the coming days alerting them of their qualification,” Minister Sadiya Umar Farouq said in a statement released Tuesday by her Special Assistant, Media,Nneka Ikem Anibeze.
Farouq “re-emphasized that the empowerment program is a loan, not a grant,” according to the statement.
“All qualified beneficiaries will receive disbursement alerts in the near future.” We’d like to remind everyone who qualifies that this is an interest-free loan. It isn’t a grant or a gift from the government. The loan is a soft interest-free loan that must be repaid within nine months, according to the statement.
“Minister Umar Farouq also said that the Ministry is planning a statewide launch of the program, followed by an enumeration exercise to record recipients’ biodata,” the statement continued.
“Under its three flagship schemes: MarketMoni, TraderMoni, and FarmerMoni, the GEEP 2.0 is a loan scheme designed by the Federal Government to provide financial inclusion and credit access to poor and vulnerable individuals, including persons with disabilities and persons at the bottom of the economic pyramid who are engaged in small scale commercial activities.”
“Tradermoni aims to uplift underprivileged and marginalized youths in Nigeria between the ages of 18 and 40 by providing them with N50,000 loans, whereas MarketMoni aims to uplift underprivileged and marginalized women between the ages of 18 and 55, including widows, divorcees, and other vulnerable groups.” They are given interest-free loans of N50,000 that must be paid back in 6 to 9 months.
FarmerMoni is a platform for Nigerian farmers “between the ages of 18 and 55″ who work in the agricultural sector in rural locations. They are given loans of up to N300,000 for agricultural input. This plan has a 12-month duration, including a three-month moratorium and a nine-month repayment period.”