Toba Owojaiye reporting
Abuja, Nigeria
In a move to alleviate poverty, Nigeria’s First Lady, Senator Oluremi Tinubu, inaugurated the rebranded and expanded Market Moni initiative, a crucial component of the Government Enterprise and Empowerment Programme (GEEP) under the National Social Investment Program.
The Market Moni initiative, operated by the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, is set to provide interest-free, collateral-free loans to 1.5 million market women across Nigeria. The initiative will commence its outreach in 109 markets within each senatorial district, including Abuja.
Senator Tinubu, speaking at the launch held at the Presidential Villa in Abuja, expressed confidence that the revitalized GEEP would yield unprecedented economic gains for market women. Emphasizing the transformative impact on vulnerable communities, she highlighted the role these loans would play in fostering inclusive growth and reducing poverty.
Truth Live News gathered that while commending the Minister for Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, for her dedication to tackling poverty, Senator Tinubu stressed the importance of supporting micro, small, and medium enterprises. She emphasized that such support not only reduces unemployment but also enhances the overall well-being of individuals and families.
The rebranding of GEEP with local vernacular aims to enhance understanding and implementation of the program among women, traders, and farmers in their native languages, further ensuring the program’s effectiveness.
Beneficiaries of the interest-free loans were advised by Senator Tinubu to plan wisely, exercise financial discipline, and strategically invest while remaining committed to repayment. The First Lady lauded the transparency of the scheme, with registration and disbursement taking place directly in the markets.
Minister Dr. Betta Edu echoed the urgency of President Bola Tinubu’s mission to pull millions out of poverty. She emphasized the practical approach of taking governance to the people, ensuring that the registration, account opening, and disbursement of loans occur right in the markets.
Dr. Edu reaffirmed the scheme’s target of benefiting 1.5 million Nigerians and pledged the ministry’s commitment to President Tinubu’s ambitious goal of pulling 50 million Nigerians out of poverty in the next 42 months.
The National Coordinator of NSIPA, Halima Shehu, highlighted the supportive role the loans would play in expanding existing petty businesses owned by traders, expressing the agency’s commitment to meeting the ministry’s targets.
A beneficiary, Mrs. Cicilia Illah, praised President Tinubu for the initiative, noting the significant impact the loan would have on boosting businesses of market women across Nigeria.
The launch event drew attendance from ministers, National Assembly members, royal fathers, diplomatic corps, development partners, and other government functionaries, marking a collective effort towards economic empowerment and poverty reduction.