UPDATED: FG to Unveils IYALOJA/GEEP LOAN For 1.5 Million Traders

 

The Federal Government is gearing up to unveil the IYALOJA Scheme, a transformative initiative tailored for enterprising traders, set to kick off in November 2023. 

Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, has taken the lead in conducting comprehensive market sensitization and engagement efforts.

With an ambitious goal of positively impacting at least 1.5 million Nigerians across the nation, this groundbreaking program, now known as the "IYALOJA Market Fund," will provide a non-interest loan of N50,000 to the initial phase of market traders. These beneficiaries will be carefully selected from a network of 109 markets spanning every Senatorial zone in Nigeria. The sensitization and enrollment process is well underway in anticipation of the official launch in November.

Drawing parallels to the previous GEEP Loan scheme under the former Administration, wherein individuals were granted loans ranging from Marketmoni and Farmermoni to Tradermoni, ranging from N50,000 to N100,000, the IYALOJA Scheme brings forth a similar endeavor.

Dr. Betta Edu, HM, expressed her commitment to introducing a series of innovative enhancements within the system. While acknowledging the valuable contributions of past Administration programs, she emphasized the need for strategic adjustments and expansions to accommodate a wider demographic.

In alignment with this initiative, significant markets nationwide have been carefully chosen for the registration and documentation of traders through the Nassco enumeration process.

Traders will be captured at their respective business locations, and dedicated savings accounts will be established for them. Subsequently, the N50,000 interest-free loan will be seamlessly disbursed directly from the Central Bank of Nigeria (CBN) to their designated savings accounts. This streamlined approach ensures swift and efficient access to the allocated funds.

Things To Know About IYALOJA Loan Scheme:

Here are the details you should be aware of regarding the IYALOJA Loan Scheme.

1. The program is set to be executed in three distinct phases, with the initial phase targeting 500,000 beneficiaries.
2. Phase 1 of the program will extend a non-interest loan, known as the IYALOJA Market Fund, amounting to N50,000 to selected market traders hailing from 109 markets spanning every Senatorial Zone in Nigeria.
3. The process of sensitization and enrollment is well underway, preceding the official launch slated for next month. This initiative stands as a testament to the president's commitment to alleviating Nigerians from multidimensional poverty and humanitarian crises.
4. The IYALOJA Monie Scheme is dedicated to assisting economically disadvantaged female traders within the market, empowering them to bolster their capital and expand their enterprises. These loans, provided without interest, are tailored to cater specifically to these individuals.
5. Mark your calendars, as the IYALOJA Loan Scheme is poised for its grand launch in November 2023, promising a brighter future for countless aspiring entrepreneurs.