The government of President Bola Ahmed Tinubu has announced that it will launch a N75 billion fund for market women under the Government Enterprise and Empowerment Program (GEEP).
The fund, which will be called the Iyaloja Fund, will provide non-interest loans of N50,000 to 1.5 million underprivileged female traders to boost their capital and foster business expansion.
The Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, disclosed this on Tuesday during a courtesy visit to the Minister of Information and National Orientation, Mohammed Idris. She stated that the Iyaloja Fund will be inaugurated on Oct 17 in Abuja.
According to the Minister, the program will unfold in three phases, with the first phase targeting 500,000 beneficiaries.
She added that the fund is part of the government’s efforts to empower women and reduce poverty in the country.
She said: “We will start immediately with the GEEP Programme; we have Iyaloja Funds, equivalent to Market Women Money.
“We have the Jaga Funds, a capital fund for traders, and Farmers’ Money, the Hugo Fund. The Farmer’s Money will be provided to the poorest farmers, enabling them to go into the next farming season.
“The Iyaloja Fund will provide for poor market traders in the market, helping them improve their capital and expand their businesses. These are non-interest loans given to these persons.”
