Traders and residents across some Lagos Mainland communities were in ecstatic as Nigeria’s Vice President, Professor Yemi Osinbajo, in company of other Federal and State officials extended the federal government’s N10,000 interest-free loans also known as TraderMoni in Ikotun, Igando, and Ile-Epo markets on Lagos mainland.
This is coming after the government earlier launched the initiative across three popular markets in Oshodi, Bariga and Ketu.
Speaking on the occasion, Professor Osinbajo urged the traders to put to good use the loan collected so as to collect more from the federal government. While conversing with the traders, he said the objective of the scheme would not be achieved if the traders collect loans and fail to pay back.
In his words; “This is one initiative this administration has put in place to address the plights of those at the grassroots, to help you grow your businesses and make lives meaningful to you and your families. That’s why we ensure there is no collateral and when you repay the loans, you can secure more from the government because it shows you are serious with what you’re doing.”
According to some beneficiaries, the federal government’s should avail more funds for them as they are willing to boost their trades and businesses with all the financial aids hey can get.
A trader in Ikotun, Kemi Adebayo said if the money is increased, it will make her glad, but she is ready to work with the funds they have received. “I will make judicious use of the fund to qualify for more loans,” she said.
Another trader in Igando, Kunle Olaifa, admitted that he was convinced about the authenticity of the scheme when he saw the officials of TraderMoni in the market
Olaifa said, “When they say TraderMoni, I always thought it was one of these political gimmicks. But today I am convinced it is real. If I can repay the laon given, I have been assured of prompt additional money.”