Oluremi Tinubu, the first lady, has announced the launch of Market Moni 2.0, targeting 1.5 million women across 109 markets situated in the 109 senatorial districts throughout Nigeria.
The initial introduction of Market Moni occurred during the previous administration of Muhammadu Buhari.
The launch event took place in Abuja on Wednesday, where Tinubu expressed the initiative’s objective to foster the development of locally established businesses, petty traders, and micro-enterprises run by market women nationwide.
During her address, Tinubu urged recipients of the interest-and collateral-free loans to make prudent investments.
Highlighting President Bola Tinubu’s administration’s commitment, she emphasized its dedication to assisting micro, small, and medium enterprises (MSMEs) to generate employment opportunities for the public.
Tinubu stressed that supporting MSMEs not only improves the financial well-being of those facing economic challenges but also enhances the overall welfare of individuals and families.
According to the first lady, the transformative impact of MSMEs on society, particularly for those in need, cannot be overstated, as these businesses form the backbone of the country’s economy.
Tinubu emphasized the importance of inclusive growth, especially for women and individuals with disabilities.
She underscored that small enterprises provide a pathway to financial empowerment for individuals with limited means, enabling them to transition into independent business owners with the right tools and a supportive environment.
Tinubu also highlighted the rebranding of the program’s components, such as Tradermoni (now rebranded Owo Oja or Olilanya Ndi Nagbambo or Tallafin Sana’a), Farmermoni (now rebranded Owoagbe or Olilanya Ndi Oru Ugbo or Tallafin Manoma), and Marketmoni (now rebranded Iyaloja or Nne Ahia or Agajin Yan Kasuwa).
She explained that the rebranding aims to enhance understanding, especially among women, traders, and farmers, by using native languages to convey the program’s significance.
Tinubu highlighted that the Rebranded and Expanded Government Enterprise and Empowerment Programme (GEEP) is part of the Federal Government’s National Social Investment Programme (NSIP).
This program focuses on providing interest and collateral-free loans to small-scale entrepreneurs, facilitating financial inclusion, and enabling individuals with limited resources to access essential capital for entrepreneurial ventures.
The first lady concluded the event by presenting cheques to some of the beneficiaries of the scheme at the Presidential Villa.