The First Lady of Nigeria, Senator Oluremi Tinubu, has flagged off the Renewed Hope Micro, Small and Medium Enterprise (MSME) Programme, a rebranded and expanded initiative of the Government Enterprise and Empowerment Programme (GEEP). The program is designed to provide interest-free loans to small-scale entrepreneurs, with a particular focus on women and persons with disabilities.
Speaking at the event, Mrs. Tinubu emphasized the importance of MSMEs in driving economic growth and creating jobs. She noted that the program will provide much-needed financial support to entrepreneurs who are struggling to access loans from traditional banks due to high interest rates and stringent collateral requirements.
Her words, “it is in this regard, the rebranding of the three components of this programme is significant. Thus, Tradermoni (now rebranded Owo Oja or Olilanya Ndi Nagbambo or Tallafin Sana’a); Farmermoni (now rebranded Owoagbe or Olilanya Ndi Oru Ugbo or Tallafin Manoma); and Marketmoni (now rebranded Iyaloja or Nne Ahia or Agajin Yan Kasuwa).
“These rebranding drums home, especially among the womenfolk including traders and farmers, a deeper understanding and actual implication of the programme in our native languages.
“As I was informed that one of the strategic components of the Federal Government’s National Social Investment Programme (NSIP) is the Rebranded and Expanded Government Enterprise and Empowerment Programme (GEEP), this Programme is expected to focus, amongst others, on offering interest and collateral-free loans to small scale entrepreneurs thereby providing financial inclusion and enabling individuals with limited resources to access much-needed capital for entrepreneurial endeavors.
“This democratization of financial resources helps break down barriers and empowers the poor to participate actively in economic activities”.
The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, also spoke at the event. She announced that the market-moni component of the program will target 1.5 million beneficiaries across all 109 senatorial districts in Nigeria. Each beneficiary will receive an interest-free loan of N50,000.
Dr. Edu also highlighted other poverty alleviation programs that are being implemented by the Federal Government, including the N-Power project, the homegrown school feeding program, and the new End-Hunger project. She expressed confidence that these programs will help to lift millions of Nigerians out of poverty.
“We are at a point to lift 50 million Nigerians out of poverty….
“They will be registered in the market. Their BVN will also be registered in the market….It is taking governance to the people.
“As soon as they register, a loan of N50,000 will be given to them, to use it for their businesses. The target for this is 1.5 million Nigerians that will benefit.
“We have other programmes that are within that bracket. Some of them are special projects targeted at Nigerians.
“I must say that Mr President is in a hurry to change Nigeria for better within the next one year.
“Other projects include the N-Power projects, the homegrown school feeding projects, the new special vehicle which is the End-Hunger project, by the Grace of God the President will be flagging that off next month.
“Beyond this, we are going to also launch other projects that will help young people to get coding skills.
“There are several interventions. We are dealing with multi-dimensional poverty so that at the end, we would have a nation that is strong under God, that its citizens will beat their chest and say indeed I am proud to be a Nigerian, and the Renewed Hope has truly come,” Edu stated.
The Renewed Hope MSME Programme is a welcome development that will provide much-needed support to Nigeria’s small businesses. The program has the potential to make a significant contribution to economic growth and job creation.
