How to apply for FG GEEP 50k Non-interest Loan can be accessed below.
NewsOnline Nigeria reports that the Federal Government of Nigeria has made a recent announcement that is generating waves among the marketwomen community.
This Nigeria news platform understands that in a move to empower market women across Nigeria, Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, revealed on Tuesday that the Federal Government is gearing up to provide non-interest loans of N50,000 each to 1.5 million market women.
ALSO: GEEP Loan Application Portal Login 2023 | FG GEEP 50k Non-interest Loan
This initiative, part of the Government Enterprise and Empowerment Program (GEEP), is designed to breathe new life into their businesses and spur growth.
Dr. Edu went on to announce the allocation of a whopping N75 billion for the “Iyaloja Fund,” a fund dedicated to supporting underprivileged female traders.
The Iyaloja Fund is set to be officially inaugurated on October 17th, in a move that promises to be a game-changer for women entrepreneurs in the country.
During an advocacy visit to the Minister of Information and National Orientation, Mohammed Idris, in Abuja, Dr. Edu outlined the program’s three-phase rollout plan, with the first phase aimed at benefiting 500,000 individuals.
She said, “We will start right away with the GEEP Programme; we have Iyaloja Funds, which is equivalent to Market Women Money. We have the Jaga Funds, which is a capital fund for traders; and Farmers’ Money, which is called the Hugo Fund.
Details of the Loan Offer
- Amount: The FG is offering a non-interest loan of N50,000.
- Beneficiaries: An estimated 1.5 million market women.
- Purpose: The loan is intended to bolster their capital, allowing them to enhance and grow their respective businesses.
- Name of the Scheme: This loan scheme is branded as the Iyaloja Fund.
Loan Launch and Implementation
The official launch of the Iyaloja Fund is slated for October 17. Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, has conveyed this during a recent discussion in Abuja. The scheme will be rolled out in three distinct phases:
- The initial phase is projected to benefit a total of 500,000 individuals.
- Further details on the subsequent phases are anticipated soon.
Furthermore, the Minister highlighted some key components of this initiative:
- The GEEP Programme will be immediately set into motion.
- Other associated funds include the Jaga Funds (a capital fund for traders) and Farmers’ Money (dubbed the Hugo Fund) designed specifically for the most marginalized farmers. This will support them in gearing up for the upcoming farming season.
- The primary goal of the Iyaloja Fund is to aid underprivileged marketwomen, enabling them to bolster their capital and expand their businesses.
Government’s Larger Vision
This initiative by the FG is not standalone. President Bola Tinubu’s administration is showing continued commitment to tackle poverty. An eight-point agenda has been laid out which includes a conditional cash transfer of N75,000, dispensed in three parts, projected to assist 15 million households, equivalent to a whopping 62 million individuals.
Furthermore, the FG is spearheading other initiatives:
- NPower: Aimed at offering job opportunities for the unemployed.
- Renewed Hope Shelter: An initiative designed to offer shelter to the underprivileged and internally displaced individuals.
Dr. Edu elaborates that this endeavor does not involve contracting external parties for construction. Instead, communities will self-build their homes, leveraging local resources, including furniture.
She earnestly hopes for the support of the Minister of Information and the National Orientation Agency to widely disseminate information about this program. A vital aspect of this outreach is the registration of the poorest citizens on the National Social Register, currently in the verification phase.
For marketwomen and other traders, this is a pivotal moment. Those interested in the Iyaloja Fund should stay updated on the application process, criteria, and other relevant details to maximize this opportunity.
FAQs: FG’s N50,000 Non-Interest Loan
1. What is the purpose of the N50,000 non-interest loan?
The loan is designed to help marketwomen bolster their capital, allowing them to enhance and expand their businesses.
2. Who are the beneficiaries of this loan?
An estimated 1.5 million marketwomen across Nigeria will benefit from this initiative.
3. Under which program is this loan being offered?
This loan is being provided under the Government Enterprise and Empowerment Programme (GEEP), branded as the Iyaloja Fund.
5. How many phases will the loan distribution have?
The loan will be distributed in three distinct phases. The first phase is expected to benefit 500,000 individuals.
6. Where can I get more detailed information or clarification on any aspect of the loan?
For more details, you’re advised to contact the Ministry of Humanitarian Affairs and Poverty Alleviation or visit their official website.
