Daily Trust

VP Osinbajo begins disbursement of capital to two million traders

Nigeria’s Vice President Yemi Osinbajo on Thursday began the disbursement of start-up capital for 39,000 petty traders in the Federal Capital Territory.

The disbursement is part of the current administration’s drive to empower over two million petty traders across the country through a commercial loan scheme tagged “Trader moni.”

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The interest-free loan is part of the social intervention programmes under the President Muhammadu Buhari led administration.

The scheme being implemented by the Bank of Industry allows each beneficiary to get an interest free loan of between N10,000 to N15,000.

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The Executive Director, MSMEs, Bank of Industry, Toyin Adeniji, said “We are targeting at least 39,000 beneficiaries from every state to benefit from this N10,000, but we hope to increase the amount to N15,000 soon as they pay back within six months.”