Traders Laud Government as Osibajo Launches Trader Moni
In a bid to empower Nigerian traders, the Vice President, Prof Yemi Osibajo was at the Adebayo market, Bariga, Lagos yesterday to unveil Trader-Moni, a Federal government enterprise and empowerment initiative targeted at common traders in the country.
The vice president, accompanied by the Lagos state Governor, Akinwumi Ambode and the APC Lagos state governorship aspirant for the 2019 general election, Babajide Sanwo-Olu took a tour of the market to the delight of the traders as the team formally introduced the initiative to the traders.
Speaking about the project, the Babaloja of Adebayo Market and Bariga LCDA, Alhaji Rasaq Rabiu said the presidency made a thoughtful decision in remembering traders and giving them the financial support which will boost their business.
According to him, “we thank God; the Vice President came here because of the money they are giving to the traders to maintain their market so they can make profit. Those who collected this money will not curse the government rather they will praise them. We will continue to pray for government to continue and do more than this”.
Mr. Rasaq added that the traders have been sensitized that the money is a loan which they must return within six months which will enable them to acquire the next phase.
A catfish seller, Miss Adeola Oyekanmi who got her money within three days of registering for the project couldn’t hide her feelings as she hailed the government for considering them in the project. “We started hearing it since Friday that we should come and register and after registering we got a message and the next was a credit transfer alert. I got the money today. The money will improve my market, I am selling fish and I have N50,000, if I add the N10,000 to it, it will boost my market, It will help me a lot, she said.
Also, a stockfish seller, Mrs. Unwachukwu Ebere said she was happy on hearing about the money though she did not know it is a loan. “ I have collected my money. The money will boost my business. I am doing business with 5,000, if I add the 10,000 it will surely help me.
The Iyaloja of Adeboyo Market, Bariga who is also a beneficiary of the Trader Moni said the money is a good way of encouraging the traders and it will help them. According to her “The loan is good. Giving N10,000 is better than nothing. She added that the interest rate is very small which should not be a problem for people who have collected it.
A trader, Mrs. Ogunmayi who specializes in selling shoes and bag said though the money is good for petty traders but encouraged the government to come up with projects that will benefit those in her category.
Speaking to press on the project, a representative of GDM, a consulting company for the Trader Moni initiative, Mr. Olarenwaju said the information and integration of the people towards the project has been on for almost three months. He said people were skeptical about it after telling them because they are not seeing the money immediately then. He is however delighted that the people are not disappointed.
The trade moni initial loan sum is N10,000 for 6 months to be paid at N430 every week. Total sum payable is N10,250. Thereafter the trader can access N15,000 for another six months, pay back is N15,375. The trader can then apply for N20,000 for 6 months with pay back sum being N21,000. If the customer is faithful he can obtain N50,000 with pay back sum at N52,000 while the highest loan sum is N100,000.
The Federal government initiative is supported by the Bank of Industry. Beneficiaries can pay back through any of the following banks – Heritage, UBA, Sterling, Jaiz and Union Bank among others.