Vice President, Yemi Osinbajo has disclosed that the federal government would institutionalize its social investment programmes through the establishment of Peoples’ Money Bank and Entrepreneurship bank.
According to Osinbajo, the establishment of the banks was in having a full banking framework devoted to giving such credit to those persons involved in petty businesses.
Osinbajo, accompanied by Governor Abiola Ajimobi of Oyo State, made this disclosure on Thursday after interacting with beneficiaries of the federal government’s “Tradermoni” scheme, at Oje and Bodija markets in Ibadan, Oyo State capital.
Though the “tradermoni” scheme, which is a part of the Government Enterprise and Empowerment programme, Osinbajo stated that more than one million petty traders and artisans, across the country, had received interest-free loans starting from N10,000.
Other social investment programmes of the federal government include N-Power, National Home-Grown School Feeding Programme and National Cash Transfer Project.
“The Social Investment programmes are wholly government funded and are the major part of the APC’s agenda as a government. Our approach at the bottom of the pyramid, the man on the street.
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“It is so much about a government policy and that is the way it is going to be. We have proposed also, as we go along, to establish the Peoples’ Money Bank. This is a whole bank that is devoted to credit for the bottom of the pyramid. We are also going to do an entrepreneurship bank but we think we must devote a full banking framework to this kind of credit. We are working on it and we will get there.
“Tradermoni is a programme that we are running across the country. In the first phase, two million petty traders will benefit. As of now, we are definitely at over a million petty traders already.
“The whole idea is to ensure that the government is able to give the bottom of the pyramid, traders, credit. These are traders who usually nobody wants to give them credit because they are not sure whether they will pay back or won’t, but they are the vast majority of the Nigerian people, commercial persons.
“If you look at the number of people engaged in commercial activities, this is the most significant percentage. Tradermoni and marketmoni are two programmes which seek to address that large population of persons involved in commercial activities who usually don’t have access to credit,” Osinbajo said.
Thursday’s visit of Osinbajo, follows an earlier visit to Gbagi Market Ibadan, in September, where 27,000 petty traders and artisans were said to have benefited from the scheme.
Osinbajo, in responding to the demands of some of the traders, expressed optimism that more of them will benefit from the scheme while assuring that all who had been enrolled will get their money alerts.
Some traders at Bodija market, such as Mrs Kafatu Bello, Kafilatu Oyetunji remarked that the money would help enhance their businesses while asking for more of such opportunities.
On her part, Mrs Aminatu Ismail regarded the “tradermoni” scheme as one-way traders also got their own dividend of democracy.
“This is good as we are also getting our own dividend of democracy. We will be glad if we are given this credit yearly. What we are getting is not enough. By the time I buy one or two things, the money is finished. However, we appreciate the gesture and pray that God enables them to give us more than this,” Ismail said.
At Oje market, Mrs Romoke Ajayi said the gesture showed that the government recognised the fact that Nigerian masses grappled with challenging times.
“This gesture shows that the government knows that Nigerians are facing hard times. To fend for ourselves and our families is difficult. The N10,000 is not adequate as it can only cater a little to our needs. We want the government to increase the money and ensure that more benefit from it,” Ajayi said.
Babaloja of Oje market, Mr Saliu Ayinde pointed to the fact that the N10,000 would help boost the businesses of many petty traders and artisans.
“There are several of our market women that need N5,000 for their activate their businesses hence they greatly appreciate the ease of getting this money and it will take them out of poverty,” Ayinde said.
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