Government Launches IYALOJA Scheme to Support Small Traders
The administration of President Bola Tinubu is taking a significant step to empower small traders in Nigeria through the introduction of the IYALOJA Scheme. Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, has initiated Market Sensitization and Engagement, marking the beginning of this new program.
The IYALOJA Scheme is designed to provide support to small traders in Nigeria. It aims to reach a minimum of 1.5 million Nigerians across the country. Under this scheme, eligible traders will have access to a non-interest loan of N50,000, referred to as “The IYALOJA Market Fund.”
How Will the Scheme Work?
The scheme will start by providing this non-interest loan to the first wave of market traders. These traders will be selected from 109 marketplaces, representing each of Nigeria’s senatorial zones. Market sensitization and enrollment activities are already underway, with the official launch scheduled for the next month.
Building on the Success of Previous Initiatives
The IYALOJA Scheme follows in the footsteps of the GEEP Loan program initiated during the previous administration of President Muhammadu Buhari. This program offered loans ranging from N50,000 to N100,000 to individuals for Marketmoni, Farmermoni, and Tradermoni. While the new scheme builds upon the success of these initiatives, it also incorporates improvements and expands its reach to include more beneficiaries.
Streamlining the Process
Based on available information, the government has selected several significant marketplaces across the country for registration and trader enumeration. As part of the scheme, traders will have a savings account opened for them at the location where they conduct their business. The N50,000 interest-free loan funds will then be transferred directly from the Central Bank of Nigeria (CBN) to the trader’s savings account.
This initiative represents a significant move towards empowering small traders in Nigeria and supporting their businesses. It not only provides financial assistance but also encourages entrepreneurship and economic growth. The IYALOJA Scheme will play a pivotal role in the development of small-scale businesses, contributing to the nation’s economic stability and prosperity.