Few days ago, we informed you of the plan by President Bola Tinubu’s administration to launch IYALOJA Scheme for small traders following a Market Sensitization and Engagement carried out by the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu.
The IYALOJA Market Fund, we told you, is a N50,000 non-interest loan that will be granted to the pioneering batch of market traders who will be chosen from 109 marketplaces in each of Nigeria’s senatorial zones. In this article today, we will tell you five important things that you need to know about the latest scheme that is geared toward helping petty traders across the country with a N50, 000 business seed.
5 Things You Should Know About IYALOJA Loan Scheme
Below are the important things you must know about the IYALOJA Loan Scheme that will soon be launched by the Federal Government:
1. When will the federal government launch the IYALOJA Loan Scheme?
The IYALOJA Loan Scheme will be launched in November 2023. The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, has begun market to market sensitization to that effect.
2. Who are the people that will benefit from the IYALOJA Loan Scheme?
The IYALOJA Loan Scheme is targeted at poor market women traders. The loan scheme is expected to increase their capital and enable them to grow their enterprises. The loan to be granted to them will be non-interest loans.
3. When Will The Disbursement Of IYALOJA Loan Begins?
The IYALOJA Loan disbursement will happen in three phases. In the first phase, selected traders are expected to receive a non-interest loan sum of N50, 000 each for 500,000 Nigerian petty traders.
4. How Will Be The Selection Process For The First Batch Of Beneficiaries?
The first batch of the beneficiaries will be selected from 109 markets in each of Nigeria’s senatorial zones. The Phase 1 market traders would get a N50,000 non-interest loan from the Iyaloja Market Fund.
5. Has Enrollment For IYALOJA Loan Scheme Begin?
The answer is yes. Sensitization and enrollment for the IYALOJA Loan Scheme is underway in advance of the start of the program next month as part of the president’s pledge to free Nigerians from multifaceted poverty and humanitarian disasters.
Conclusion
If you are a petty market trader anywhere in Nigeria, or your parents are, this is an opportunity that must be fully utilized to grow yours or your parents’ business. We advise you to keeping checking this site for further information about new developments regarding the loan scheme.