Anticipated to reach a minimum of 1.5 million individuals nationwide, the scheme targets phase 1 market traders from 109 markets across all Senatorial zones in Nigeria, extending a non-interest loan of N50,000.
The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, has commenced market awareness and engagement initiatives ahead of the scheme’s launch, emphasizing its role in poverty reduction and economic growth enhancement. Dr. Edu underscored the crucial role of petty traders in the nation’s economy and emphasized the scheme’s potential to bolster their businesses and foster employment opportunities.
Operated in collaboration with the Bank of Industry (BoI), the loan is repayable within a 6-month period and does not necessitate any collateral. The funds can be utilized for diverse business needs, including inventory procurement, market expansion, and employee recruitment. Click here to apply
FG remains optimistic that the IYALOJA GEEP Loan Scheme will significantly contribute to poverty alleviation and economic advancement in Nigeria.
ADVANTAGES OF THE IYALOJA/GEEP LOAN SCHEME:
This scheme presents various benefits for petty traders:
- Access to Financial Resources: Petty traders gain access to financial resources, enabling them to augment their businesses or augment their staff.
- Financial Inclusivity: It fosters financial inclusivity by encouraging traders to utilize formal banking services.
- Economic Empowerment: By facilitating business growth and job creation, it empowers petty traders economically.
How to Apply:
Eligible petty traders can register for the scheme by meeting with a Nassco enumerator in their local market. The enumerator will capture their details and set up a savings account. Upon completion of registration, the N50,000 loan will be deposited directly into the trader’s savings account.
To qualify for the IYALOJA/GEEP Loan Scheme, petty traders must meet these criteria:
- Nigerian citizenship
- Operation as a petty trader in one of the selected markets
- Minimum age of 18
- Possession of a valid bank account
- The scheme is open to all petty traders, irrespective of gender, religion, or ethnicity.
- The loan repayment period extends to 12 months.
- No collateral is required for traders to access the loan.
- Administered by the National Social Safety Nets Coordinating Office (NASSCO).
For interested petty traders, visit your local market and engage with a Nassco enumerator to apply for the IYALOJA/GEEP Loan Scheme.
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