MARKET MONI: FEDERAL GOVERNMENT TARGETS 1.5MILLION MARKET WOMEN

 

1.5MILLION MARKET WOMEN TO BENEFIT ON MARKET MONI

Nigeria's First Lady, Senator Oluremi Tinubu, inaugurated the revamped Market Moni initiative, a key component of the Government Enterprise and Empowerment Programme (GEEP) under the National Social Investment Programme. The program, operating under the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, aims to provide interest-free, collateral-free loans to 1.5 million market women across the country, starting with 109 markets in each senatorial district and Abuja.

First Lady, Senator Oluremi Tinubu

Addressing the audience at the Presidential Villa's banquet hall in Abuja, Senator Tinubu expressed confidence in the rebranded GEEP, anticipating significant economic gains for market women. She emphasized the transformative impact on vulnerable individuals, promoting inclusive growth and reducing poverty rates, particularly among market women and persons with disabilities.

Commending the Minister for Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, for her passion and energy in addressing poverty challenges, Senator Tinubu highlighted the importance of supporting micro, small, and medium enterprises. She emphasized that such support empowers local entrepreneurs, reduces unemployment, and enhances overall well-being.

The First Lady underscored the significance of rebranding the program with local vernacular, believing it would foster a deeper understanding and implementation among women, traders, and farmers. She advised loan beneficiaries to plan wisely, exercise financial discipline, and strategically invest while committing to timely repayment.

Minister Betta Edu, echoing President Bola Tinubu's commitment to lifting millions out of poverty, emphasized the need for prudence in managing the funds, clarifying that the interest-free loans would be repaid. She outlined the transparent approach of conducting registrations and disbursements directly in markets, ensuring convenience for beneficiaries.

Dr. Edu expressed optimism that the Market Women's Moni concept would strengthen the microeconomy, contributing to a better and stronger national economy while striving to meet the target of pulling 50 million Nigerians out of poverty in the next 42 months.

National Coordinator of NSIPA, Halima Shehu, pledged the agency's commitment to supporting the Ministry's target, emphasizing the role of the loans in augmenting existing businesses owned by traders.

A beneficiary, Mrs. Cicilia Illah, expressed gratitude to President Tinubu, describing the loan as a significant boost for market women. The event, attended by various dignitaries, showcased a collaborative effort to uplift communities and stimulate economic growth."