FG Has Disbursed N19.9bn to Petty Traders – BoI

The Bank of Industry on Tuesday said the Federal Government had disbursed a total of N19.9bn to petty traders under the Government Enterprise Empowerment Programme.

The Executive Director, BoI, Toyin Adeniji, said this when the United Nations Ambassador, Dr Chanita Foster, and 50 students from Government Girls Secondary, Dutse visited the GEEP centre in Abuja.

GEEP is one of the four components of the National Social Investment Programme of the Federal Government that grants interest-free loans of between N10, 000 to N300, 000.

One of the primary objectives of GEEP is to increase financial inclusion and support for the people at the base of the economic pyramid.

Adeniji told the students that the funds disbursed to the petty traders were meant to boost their businesses and touch their lives in a positive manner.

She challenged the students to think of innovative ways of empowering themselves rather than seek paid employment after their education.

The Chief Operating Officer of GEEP, Mr Uzoma Nwagba, told the students that so far, a total 1.99 million petty traders across the country had received loans under the GEEP programme.

Out of this figure, he said 54.04 per cent of the beneficiaries were female traders.

Nwagba said both the process of application and loan repayment under the programme had been automated and simplified.

In his remarks at the event, Foster expressed support for the programme and encouraged the students to develop entrepreneurial spirit.