The administration of President Bola Tinubu has perfected plans to launch IYALOJA Scheme for small traders as Dr. Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, commences Market Sensitization and Engagement.
The goal of this new scheme is to reach a minimum of 1.5 million Nigerians nationwide.
The N50,000 non-interest loan, which has been dubbed “The 1YALOJA Market Fund,” will be granted to the first wave of market traders, who will be chosen from 109 marketplaces in each of Nigeria’s senatorial zones. Sensitization and enrollment are underway ahead of schedule for next month’s flag-off.
This IYALOJA scheme models the GEEP Loan program of the ex-president Muhammadu Buhari’s administration, which provided loans ranging from N50,000 to N100,000 to individuals for Marketmoni, Farmermoni, and Tradermoni.
In a previous interview, HM Dr. Betta Edu announced that numerous new advancements would be incorporated into the system. On the other hand, the initiatives implemented by the previous administration are incredibly beneficial and helpful.
At that time, she said, they would be changing a few things, going back and trying to correct any mistakes we had made, as well as expanding it to include more individuals.
Based on accessible data, a few significant marketplaces nationwide have been chosen for Nassco’s registration and trader enumeration. A savings account would be opened for the trader at the location where they operate their business, and N50,000 in interest-free loan funds will be transferred straight from CBN to the trader’s 50k savings account.