President Bola Ahmed Tinubu has unveiled plans to provide a significant financial boost to 1.5 million market women through the Government Enterprise and Empowerment Program (GEEP).
Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, shared this exciting development during a visit to Mohammed Idris, the Minister of Information and National Orientation.
The government has allocated a substantial N75 billion fund specifically for market women, to be named the “Iyaloja Fund.” This fund is aimed at supporting underprivileged female traders and is scheduled to be officially launched on October 17.
The primary objective of this initiative is to enhance the capital of these market women and facilitate the expansion of their businesses.
Minister Edu explained that the program will be rolled out in three phases, with the initial phase benefiting 500,000 individuals.
She elaborated on the various funds that will be made available under this program. The “Iyaloja Fund” will cater to financially disadvantaged market traders, enabling them to strengthen their capital base and grow their businesses. These funds are provided as non-interest loans, designed to assist and empower these individuals.
In essence, this government initiative seeks to empower market women by providing them with financial support to boost their businesses and contribute to their economic well-being.