FG Announced Non-interest Loan of N50,000
How to Apply for the FG’s N50,000 Non-Interest Loan
The Federal Government of Nigeria has made a recent announcement that is generating waves among the marketwomen community.
Under the Government Enterprise and Empowerment Programme (GEEP), they are set to provide a substantial boost for 1.5 million marketwomen.
Details of the Loan Offer
- Amount: The FG is offering a non-interest loan of N50,000.
- Beneficiaries: An estimated 1.5 million marketwomen.
- 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 Iyaloja Fund, a loan program for underprivileged marketwomen in Nigeria, is scheduled to launch on October 17, 2023. The program will be implemented in three phases, with the first phase benefiting 500,000 individuals. Further details on the subsequent phases will be announced soon.
The Iyaloja Fund is part of the GEEP Programme, which also includes the Jaga Funds (a capital fund for traders) and Farmers’ Money (dubbed the Hugo Fund) designed specifically for the most marginalized farmers. The goal of the Iyaloja Fund is to help marketwomen bolster their capital and expand their businesses.
The Iyaloja Fund will be implemented as follows:
- The program will be launched by the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu.
- The program will be rolled out in three phases, with the first phase benefiting 500,000 individuals.
- Marketwomen will be able to apply for loans through the GEEP Programme website or by visiting a designated GEEP office.
- Loans will be granted on a first-come, first-served basis.
- Repayment terms will be flexible and affordable.
The Iyaloja Fund is a significant initiative that will help to empower underprivileged marketwomen in Nigeria. The program will provide them with the financial resources they need to grow their businesses and improve their livelihoods.
Here is a simplified explanation of the Loan Launch and Implementation process:
- The government will launch the Iyaloja Fund on October 17, 2023.
- Marketwomen will be able to apply for loans through the GEEP Programme website or by visiting a designated GEEP office.
- The government will review the applications and grant loans on a first-come, first-served basis.
- Marketwomen will be able to use the loans to grow their businesses.
- Marketwomen will repay the loans over time.
The Iyaloja Fund is a great opportunity for marketwomen to get the financial support they need to succeed. If you are a marketwoman in Nigeria, I encourage you to apply for a loan from the Iyaloja Fund.
Important Link:
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
The loan is designed to help marketwomen bolster their capital, allowing them to enhance and expand their businesses.
An estimated 1.5 million marketwomen across Nigeria will benefit from this initiative.
This loan is being provided under the Government Enterprise and Empowerment Programme (GEEP), branded as the Iyaloja Fund.
The loan will be distributed in three distinct phases. The first phase is expected to benefit 500,000 individuals.
For more details, you’re advised to contact the Ministry of Humanitarian Affairs and Poverty Alleviation or visit their official website.
