FG unveils interest free loan program for market women

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FG unveils interest free loan program for market women
FG unveils interest free loan program for market women

The Federal Government, through the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, has announced plans to offer non-interest loans of N50,000 each to 1.5 million market women as part of the Government Enterprise and Empowerment Program.

The initiative aims to enhance their capital and facilitate business growth.

Government initiative to boost capital

The N75 billion fund, named the Iyaloja Fund, dedicated to underprivileged female traders, is scheduled to be officially launched on October 17th.

Dr. Betta Edu disclosed during an advocacy visit to the Minister of Information and National Orientation, Mohammed Idris, in Abuja that the program will be rolled out in three phases, with the first phase benefiting 500,000 individuals.

She explained, “We will commence immediately with the GEEP Programme, which includes the Iyaloja Funds, designed to support market women in enhancing their capital and expanding their businesses. These funds, known as non-interest loans, are provided to these individuals.”