As part of the efforts to reinvigorate the economy through petty traders in the country, the federal Government in collaboration with the Bank of Industry has disbursed N300 million to 30,000 petty traders in Niger State.
The programme, through Tradermoni, targets two million petty traders across the country for N10,000 for each trader with repayment tenure of six months.
The programme Supervisor, Adenle Adedotun, disclosed this to journalists at the take off of the disbursement at Tunga Market, saying they have disbursed the same loan to over 16 states in the country
Adedotun explained that Tradermoni is a project introduced by the Federal Government aimed at empowering petty traders with the sum of N10,000 to start business of their choices.
He further explained that after paying back the N10,000 with interest of N250 within the the interval of six months, the trader can access higher amount.
He also said the traders can get additional loan of N15,000 to N20,000 each as the loan is given incrementally.
The supervisor said the beneficiaries can access his or her money after been enumerated and would receive a confirmation of text message.
Adedotun however warned that enumeration is free and called on petty traders to utilize the opportunity to boost their trade.
One of the beneficiaries, Zainab Mohammed, a foodstuffs seller in Tunga Market, said she had registered for the credit scheme but was yet to receive the money.
Mohammed commended the Federal Government for its kind gesture and promised to utilise the money properly when accessed.
A food vendor, Mohammed Gana, also said N10,000 loan would have little impact considering the naria has little value.
Gana said the money will go a long way in assisting him to increase quality of the food he sells.
On repayment, the food vendor said every trader that is serious with his or her business will not have problem with repaying the loan.