The Federal Government of Nigeria is offering a non-interest loan of N50,000 to 1.5 million marketwomen under the Government Enterprise and Empowerment Programme (GEEP). This loan is designed to help marketwomen expand their businesses and improve their livelihoods.
Details of the N50,000 Loan Offer
- Amount: The FG is offering a non-interest loan of N50,000.
- Beneficiaries: An estimated 1.5 million marketwomen.
- Purpose: The loan is intended to bolster their capital, allowing them to enhance and grow their respective businesses.
- Name of the Scheme: This loan scheme is branded as the Iyaloja Fund.
FG GEEP N50,000 Non-interest Loan Launch and Implementation
The Iyaloja Fund, a non-interest loan scheme for marketwomen, will be officially launched on October 17, 2023. The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, made this announcement during a recent discussion in Abuja.
The fund will be rolled out in three phases, with the first phase targeting 500,000 beneficiaries. Further details on the subsequent phases will be released soon.
The Iyaloja Fund is one of several key components of the government’s poverty alleviation efforts. Other associated funds include the GEEP Programme, Jaga Funds, and Farmers’ Money (Hugo Fund).
The GEEP Programme provides loans and other financial assistance to small businesses. Jaga Funds is a capital fund for traders, while Farmers’ Money is designed to support marginalized farmers.
The primary goal of the Iyaloja Fund is to help underprivileged marketwomen expand their businesses and improve their livelihoods. The fund will provide them with the capital they need to purchase inventory, invest in new equipment, and grow their businesses.
Why FG Launch N50,000 Non-interest Loan
The Iyaloja Fund is part of a larger government initiative to tackle poverty. President Bola Tinubu’s administration has also announced an eight-point agenda that includes a conditional cash transfer of N75,000 to 15 million households, equivalent to 62 million individuals.
Other initiatives include:
- NPower: A job creation program for the unemployed.
- Renewed Hope Shelter: A program to provide shelter to the underprivileged and internally displaced.
Dr. Edu has emphasized that the Renewed Hope Shelter program will be community-led, with communities using local resources, including furniture, to build their own homes.
The Minister of Humanitarian Affairs and Poverty Alleviation has called on the Minister of Information and the National Orientation Agency to help disseminate information about these programs. She has also stressed the importance of registering the poorest citizens on the National Social Register, which is currently in the verification phase.
How to Apply for the FG’s N50,000 Non-Interest Loan for Marketwomen
To apply for the loan, you must meet the following requirements:
- You must be a marketwoman.
- You must be a Nigerian citizen.
- You must be at least 18 years old.
- You must have a valid NIN
- You must have a valid phone number.
To apply at a participating GEEP bank, visit any Nigeria bank branch and speak to a customer service representative.
Once you have applied for the loan, you will be contacted by a GEEP representative to schedule a loan interview. The loan interview will be used to assess your eligibility for the loan and to discuss your business plan.
If you are approved for the loan, you will receive the money within 14 days of your loan interview. You will then have a repayment period of 12 months to repay the loan, with no interest charges.
FAQs: FG’s N50,000 Non-Interest Loan for Marketwomen
1. What is the purpose of the loan?
The loan is to help marketwomen expand their businesses and improve their livelihoods.
2. Who are the beneficiaries?
An estimated 1.5 million marketwomen across Nigeria will benefit from the loan.
3. Under which program is the loan being offered?
The loan is being offered under the Government Enterprise and Empowerment Programme (GEEP), branded as the Iyaloja Fund.
4. How many phases will the loan distribution have?
The loan will be distributed in three phases. The first phase is expected to benefit 500,000 individuals.
5. Where can I get more information?
For more information, please contact the Ministry of Humanitarian Affairs and Poverty Alleviation or visit their official website.
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