FG targets 50,000 traders in Enugu with Tradermoni

No fewer than 50,000 petty traders in Enugu State will benefit from federal government’s empowerment scheme, ‘Tradermoni’.The scheme, rolled out recently in partnership with the Bank of Industry (BOI), gives traders between N10,000 and N100,000 interest-free loans, expected to be paid back within six months.

GDM Group of Companies is the firm powering the project nationwide.Its project supervisor, Mr. Bakare Adebowale, told reporters in Enugu yesterday during the registration of traders at Abakpa Market that government was desirous of reducing poverty in Nigeria.He stated that the scheme targeted the lowest category of petty traders, including groundnut, corn, yam, plantain, meat sellers and cart-pushers among others.

“The project is where they get N10,000 collateral-free loan; the registration is free. When they return it in three or six months by paying N10,250, they will qualify for N15,000 collateral-free loan.

After the payment in three or six months, they will move to the next stage of N20,000 and N50,000 and after that, they will move to N100,000. All these are interest-free loans that are collateral-free,” he said.