The federal government on Wednesday flagged off the Renewed Hope Micro, Small and Medium Enterprise (MSME) Programme, a targeted expansion of the Market-Moni Scheme intended to provide N50,000 each to 1.5 million poor Nigerians to start businesses.
The programme was formally known as the Government Enterprise and Empowerment Programme (GEEP).
The First Lady, Senator Oluremi Tinubu, launched the initiative at the Presidential villa in Abuja where a symbolic presentation of cheques was made to beneficiaries.
Speaking at the event, the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, affirmed that N50,000 would be given to each beneficiary once they are registered to use for their businesses.
While noting that other initiatives are in the pipeline to implement the President Bola Tinubu’s poverty alleviation agenda, the minister said: “As soon as they register, a loan of N50,000 will be given to them. To use it for their businesses. The target for this is 1.5million Nigerians that will benefit.
“We have other programmes that are within that bracket. Some of them are special projects targeted at Nigerians.
I must say that Mr. President is in a hurry to change Nigeria for a better within the next one year.
“Other projects include the N-Power projects, the homegrown school feeding projects, the new special vehicle which is the End-Hunger project, by the Grace of God the President will be flagging that off next month, etc.
“Beyond this, we are going to also launch other projects that will help young people to get coding skills. We have several other projects. There are several interventions.
“We are dealing with multidimentional poverty so that at the end we would have a nation that is strong under God, that it’s citizens will beat their chest and say indeed ‘I’m proud to be a Nigerian, and the Renewed Hope has truly come.”
Giving the keynote address, the First Lady noted that the transformative impact the MSMEs can have on the lives of the vulnerable ones in Nigeria can be immense.
She opined that the enterprises are the bedrock of the nation’s economy and therefore, play a crucial role in fostering inclusive growth and providing tangible benefits to those who need it most, especially women and persons with disability.
The wife of the president explained:
“By supporting MSMEs, we empower local entrepreneurs to generate employment thereby offering a lifeline to those struggling to make ends meet. This not only reduces unemployment rates but also enhances the overall well-being of individuals and families.
“Small scale businesses provide a platform for economic empowerment of those with limited resources who can become self-reliant entrepreneurs when equipped with skills and a supportive environment.
“It is in this regard, the rebranding of the three components of this programme is significant. Thus, Tradermoni (now rebranded Owo Oja or Olilanya Ndi Nagbambo or Tallafin Sana’a); Farmermoni (now rebranded Owoagbe or Olilanya Ndi Oru Ugbo or Tallafin Manoma); and Marketmoni (now rebranded Iyaloja or Nne Ahia or Agajin Yan Kasuwa).
“These rebranding drums home, especially among the womenfolk including traders and farmers, a deeper understanding and actual implication of the programme in our native languages.
“As I was informed that one of the strategic components of the Federal Government’s National Social Investment Programme (NSIP) is the Rebranded and Expanded Government Enterprise and Empowerment Programme (GEEP), this Programme is expected to focus, amongst others, on offering interest and collateral-free loans to small scale entrepreneurs thereby providing financial inclusion and enabling individuals with limited resources to access much-needed capital for entrepreneurial endeavors.
“This democratization of financial resources helps break down barriers and empowers the poor to participate actively in economic activities.”
Mrs. Tinubu observed that traditional loans often come with high interest rates and stringent requirements for collateral, making it challenging for those with limited assets to secure funds.
She added: “By eliminating these barriers, Micro, Small, and Medium Enterprises (MSMEs) programs create a more accessible and supportive environment for individuals to start and expand their businesses.
“Additionally, such financial support enhances the overall sustainability of Micro, Small and Medium Enterprises (MSMEs). Small businesses often face cash flow challenges, and the absence of exorbitant interest rates ensures that entrepreneurs can invest profits back into their businesses, fostering growth and resilience. This, in turn, contributes to job creation and economic stability within communities.
“My words of advice to those who might secure interest and collateral free loans through this Programme is that you should plan wisely, exercise financial discipline in managing the funds, invest strategically, be committed to repayment agreement, and be flexible to be able to navigate the dynamic business landscape.”
