The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, announced on Tuesday, 3rd October 2023 that the Federal Government will provide a non-interest loan of N50,000 to 1.5 million to market women as part of the Government Enterprise and Empowerment Programme.
This initiative aims to enhance their capital and expand their businesses. The N75 billion fund for market women, known as the Iyaloja Fund, will be launched on 17 October 2023 with the first phase benefiting 500,000 individuals.
We will start right away with the GEEP Programme; we have Iyaloja Funds, which is equivalent to Market Women’s Money. We have the Jaga Funds, which is a capital fund for traders; and Farmers’ Money, which is called the Hugo Fund. The Farmer’s Money will be provided to the poorest of the farmers to enable them to go into the next farming season.
The Iyaloja Fund will be providing for poor market traders in the market, helping them to improve their capital and expand their businesses. These are non-interest loans given to these persons.”
Beta Edu – Minister of Humanitarian Affairs and Poverty Alleviation
She said, President Bola Tinubu’s administration is committed to fighting poverty through various programs, including Conditional Cash Transfers and initiatives like N-Power and Renewed Hope Shelter.
This programme is not the one you give contracts to people to build houses. The communities will build their houses by themselves. We would just provide the enabling environment. And they are expected to source for everything they will use to build that house locally, including the furniture in the house.”
Beta Edu – Minister
These efforts aim to empower vulnerable groups and provide housing for the poor and internally displaced persons. The Minister seeks support in propagating these programs through the National Orientation Agency and community involvement in the building of houses.
Additionally, efforts are underway to verify and include the poorest individuals in the National Social Register.
Story: Christy Dung