Three markets in Lagos State, Ikotun, Igando and Ile Epo, were on Monday thrown into frenzy as Vice President, Prof. Yemi Osinbajo, activated the TraderMoni scheme in the markets.
TraderMoni is a Federal Government’s initiative aimed at providing two million petty traders across the country with collateral-free loans before the end of the year.
Excited crowd thronged and cheered as Osinbajo walked into the markets.
Shouts of TraderMoni, TraderMoni, ‘baba’ ‘baba,’ Osinbajo Osinbajo, rented the air, while security operatives had a field day controlling the crowd.
The vice president, who acknowledged the cheers, inspected the markets and had one-on-one interactions with the traders.
Governor Akinwunmi Ambode of Lagos State accompanied Osinbajo to the markets.
Also, in the team was Daddy Showkey, a “galala singer’”, whose presence added fervour to the visits as his fans hailed and surged to exchange banters with him.
TraderMoni is designed to help petty traders expand their trade through the provision of collateral-free loans of N10, 000.
The loans are repayable over a period of six months.
Under the scheme, beneficiaries can get access to a higher facility ranging from N15, 000 to N50, 000 when they repaid N10, 000 within the stipulated time period.