Trader-Moni, is not trader money, is that not what we call our money? The First Lady asked.
Yes! The market women chorused and answered.
Dutifully, the First Lady, Mrs Oluremi Tinubu reeled out the profile of the rebranded Trader-moni code-named Owo Oja in Yoruba language, Olilanya Ndi Nagbambo in Igbo language and Tallafin Sana’ain in Hausa tongue.
Performing the task of launching the targeted Expansion of the Market-Moni Scheme for 1.5 million vulnerable Nigerians and performing the symbolic presentation of cheques to some of the scheme’s beneficiaries in Abuja, the wife of the President assured Nigerians of the readiness of the present administration to support Micro, Small, and Medium Enterprises (MSMEs) in the country to create a ripple effect for employment generation for Nigerians.
Mrs Tinubu guaranteed that the government’s support would go a long way in serving as a lifeline to those struggling to make ends meet.
Reflecting on the trader moni empowerment platform, Mrs. Tinubu Oluremi promised that the new scheme would enhance the overall well-being of individuals and families.
“Small-scale businesses provide a platform for economic empowerment of those with limited resources who can become self-reliant entrepreneurs with skills and a supportive environment.
“By supporting Micro, Small, and Medium Enterprises (MSMEs), we empower local entrepreneurs to generate employment thereby offering a lifeline to those struggling to make ends meet. This reduces unemployment rates and enhances the overall well-being of individuals and families.”
Mrs. Tinubu shared her belief in the transformative powers of trader-monie on the lives of the vulnerable, she believes this cannot be over-emphasized in Nigerian society.
The trader-moni is expected to focus 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.
Through this, the government is breaking down barriers and empowering the poor to participate actively in economic activities.
While the Mother Hen, First Lady Tinubu addresses the market audience in the banquet hall, a few businesswomen who had their goods on display stood firm at what you could describe as a replica of Africa’s fortune, a typical setting of Wuse market, standing fixed on all corners of the banquet hall of the presidential villa.
The launch of the trader moni practically relocated a typical Nigerian market inside the banquet hall of the State House, though clean and well organized with bags of rice, cartons of noodles, raw foodstuff, baskets of tomatoes, fabrics, condiments, sanitary options, daily household items, soft drinks, Gallons of cooking oil, plastic chairs, cooking utensils, perfume outlets, all sorts, nearly everything and all items present in a regular market was available.
So the mother’s instinct offered words of guidance to those who secured the collateral-free loans, Mrs Tinubu offered; “you should plan wisely, exercise financial discipline in managing the funds, and invest strategically.
“My words of advice to those who might secure interest and collateral-free loans through this Programme is that you should be committed to a repayment agreement, and be flexible to be able to navigate the dynamic business landscape”
Just as a mother prays for her children who undertake new missions, The wife of the President also prays for the beneficiaries.
“May all those who participate in the scheme prosper in their va
rious business ventures”.
Following the counsel of the First Lady, the energetic and resilient Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, provided details about the Market-Moni scheme’s reach and procedures.
Edu explained that the scheme aims to cover all 109 senatorial districts, targeting one major market from each district, and each beneficiary would receive interest and collateral-free loans of N50,000 after registration.
The Iyaloja, (market woman) Betta distinctly announced that President Tinubu’s administration is at the point of lifting 50 million Nigerians out of poverty.
Elaborating on the simplicity and impact of the registration and loan process, Edu said as soon as the intending beneficiaries register , a loan of N50,000 will be given to them to use for their businesses.
Thereafter, beneficiaries expressed their delight and augmentation to their ventures, beneficiaries took their turns to share their experiences, expectations, and gratitude, the Women Leader at the Gwagwalada Main Market, Hajia Rekiya Shauibu, and Mrs. Ironic Ude, an iced fish seller, described the loan as a significant capital boost for their businesses.
Mrs. Malomo Mojisola, a dealer in children’s items, and Mrs. Saratu Maikeffi, a widow who owns a grinding machine business, expressed their glee and mentioned how the fund would increase their enterprises.
Mrs Maikeffi particularly thanked President Tinubu and the First Lady, acknowledging the substantial value of the N50,000 to her livelihood.
The Assistant Women Leader at Gwagwalada Market, Mrs. Harira Hudu, is a food vendor. She described the loan as “real help” and prayed for the First Lady, sharing her joy for having had the opportunity to visit the State House.
“ For giving us a loan to add to our business God will continue to bless you and do your work till the end and I am even very happy that today I am in the villa before they say villa, villa poor person cannot be there but today I am proud that we are in the villa and I am here with my women and we are seated with our First lady, live”
