Following President Muhammadu Buhari’s confirmation of pending payments to NSIP program recipients, the Federal Government has resumed disbursement of N50,000 to GEEP 2.0 beneficiaries.
The Nigeria GEEP 2.0 program is a government-led project aimed at providing interest-free loans to Nigerian small business owners, traders, craftsmen, and farmers. GEEP is an acronym that stands for Government Enterprise and Empowerment Program.
If you don’t remember when the GEEP 2.0 application was available, you can find it here. FG GEEP 2-0 is launched, and vulnerable Nigerians are encouraged to apply.
The program is part of the Nigerian government’s efforts to spur economic growth and alleviate poverty by offering affordable credit to small business owners who frequently struggle to obtain funding from established banking institutions.
The Government Enterprise and Empowerment Program (GEEP) Portal, which is run by the Bank of Industry (BOI), a Nigerian development finance institution, disburses loans under the GEEP 2.0 program.
TraderMoni, MarketMoni, and FarmerMoni are the three loan products available through the GEEP 2.0 initiative. With variable loan amounts and repayment conditions, each loan product is tailored to a certain group of recipients.
The TraderMoni loan is intended for small traders and craftspeople, while the MarketMoni loan is intended for small business owners and the FarmerMoni loan is intended for smallholder farmers. The loans are interest-free and repayable over a six-month to one-year period.
The GEEP 2.0 initiative has been praised for its efforts to help small companies and alleviate poverty in Nigeria. Concerns have been raised concerning the program’s long-term viability, as well as the need to ensure that loans are distributed equitably and transparently.