FG engages 98,000 Nigerians for GEEP 2.0 programme

Federal Government says it has concluded plans to roll out the Government Enterprise and Empowerment Programme (GEEP 2.0) across the 36 states and Federal Capital Territory (FCT).

Under the arrangement, no fewer than 98,000 are to be enrolled.

This follows the final verification of Phase 1 applicants who qualified and were selected to benefit from small loans ranging from N50,000 to N300,000.

Minister Sadiya Umar Farouq said that all beneficiaries of GEEP 2.0 shall receive congratulatory and sensitization text messages in the coming days informing them of their qualification and re-emphasized that the empowerment program is a loan and not a grant.

“All qualified beneficiaries will soon receive their disbursement alerts. We wish to remind all qualified beneficiaries that this is a loan payable without interest. It is not a grant or a government windfall. It is a soft interest-free loan that must be paid back within 9 months.”

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq also announced that the Ministry is planning a roll-out of the program nationwide, after which an enumeration exercise to capture beneficiaries’ biodata, will take place.

The GEEP 2.0 was a loan scheme designed by the Federal Government to provide financial inclusion and give credit access to poor and vulnerable individuals, including Persons With Disability and persons at the bottom of the economic pyramid who are engaged in small scale commercial activities under its three flagship schemes: MarketMoni, TraderMoni and FarmerMoni.

Tradermoni targets uplifting under-privileged and marginalized youths aged between 18-40 years in Nigeria by providing them with loans of N50,000 while MarketMoni targets underprivileged and marginalized women aged between 18-55 years like Widows, and divorcees, amongst other vulnerable groups.

The beneficiaries are expected to get interest-free loans of N50,000 payable within 6-9 months.

FarmerMoni is for Nigerian farmers aged between 18-55 years in rural areas that operate in the agricultural space.

Under the arrangement, the beneficiaries are provided with loans of up to N300,000 for farming input. This scheme has 12 months including 3 months moratorium and 9 months repayment period.

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