First Lady, Oluremi Tinubu, launched the targeted expansion of the N50,000 Market-Moni Scheme on Wednesday, a move she said is poised to bolster the micro, small, and medium enterprises sector nationwide.
The First Lady presided over the event at the State House Conference Centre, Presidential Villa, Abuja, where she also performed the symbolic presentation of cheques to select beneficiaries.
She advised beneficiaries to invest their money judiciously, highlighting the administration’s commitment to empowering MSMEs, which she described as the bedrock of the Nigerian economy.
This support, she explained, is crucial for providing a safety net for those struggling and for enhancing the well-being of individuals and families.
“The transformative impact of MSMEs on the lives of the vulnerable in our society is immense,” the First Lady stated, emphasising the crucial role these enterprises play in fostering inclusive growth and providing tangible benefits, particularly to women and persons with disabilities.
Further reinforcing her point, she noted that small businesses serve as a platform for the economic empowerment of those with limited resources, enabling them to become self-reliant entrepreneurs within a supportive environment.
She said, “It is in this regard, the rebranding of the three components of this programme is significant,” after which she introduced the local language versions of the scheme’s components to resonate more deeply with traders and farmers.
Mrs Tinubu also underscored the importance of financial inclusion and the provision of interest- and collateral-free loans through the programme.
She stated that this approach democratises financial resources by breaking down barriers and empowering the impoverished to actively participate in economic activities.
Condemning the prohibitive nature of traditional loans from commercial banks, First Lady Tinubu pointed out the challenges they pose for those with limited assets due to high interest rates and stringent collateral requirements.
She advocated for the MSME programme as a means to create a more accessible and supportive environment for individuals to start and expand their businesses.
“My words of advice to those who might secure loans through this programme,” she continued, “are to plan wisely, exercise financial discipline, invest strategically, commit to the repayment agreement, and remain flexible to navigate the dynamic business landscape.”
Following her speech, the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, provided details about the Market-Moni scheme’s reach and procedures.
Edu stated 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.
“We are at a point to lift 50 million Nigerians out of poverty,” she announced, elaborating on the simplicity and impact of the registration and loan process.
She continued, “As soon as they register, a loan of N50,000 will be given to them to use 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.”
Several beneficiaries shared their experiences and gratitude at the event’s conclusion. 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 runs a grinding machine business, expressed their delight and the anticipated augmentation to their ventures. Mrs Maikeffi particularly thanked President Tinubu and the First Lady, acknowledging the substantial value of the N50,000 to her livelihood.
Also speaking at the event was the Assistant Women Leader at Gwagwalada Market, Mrs. Harira Hudu, who 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.
In her closing remarks, Mrs Tinubu officially flagged off the Renewed Hope MSMEs Programme, extending her best wishes to all scheme participants for success in their business endeavours.
