The Federal Government of Nigeria has launched a new Government Enterprise and Empowerment Programme (GEEP) 2.0 phase.
It offers interest-free loans of ₦50,000 to ₦300,000 to small-scale traders, farmers, and women.
President Muhammadu Buhari’s administration created the GEEP 2.0 social intervention program to give low-income, vulnerable, and impoverished Nigerians more opportunities.
This is especially true for those who engage in profitable, informal businesses but have never been able to obtain loans from traditional financial institutions.
GEEP 2.0 Products
The GEEP 2.0 has three unique products: TraderMoni, MarketMoni, and FarmerMoni.
The TraderMoni loan of ₦50,000 is targeted at uplifting the underprivileged and marginalized youths between 18 and 40 years old for disadvantaged women, like widows, divorcees, and other vulnerable groups.
MarketMoni is offering a ₦50,000 loan.
The FarmerMoni loan of between ₦50,000 to ₦300,000 is designed for small-scale farmers in the communities to improve their agricultural productivity and inclusion into commercial farming.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, who rolled out the national phase of the programme in Katsina State on August 3, 2022, presented cheques to peasant farmers and petty businesswomen.
She said that the beneficiaries were selected through a transparent and verifiable process and that they have been given ATM cards and bank accounts to enhance their financial inclusion.
According to the Minister, GEEP 2.0 is meant to prioritise the most vulnerable in society, such as widows, youths, persons with disabilities, and internally displaced persons, among others.
The GEEP 2.0 countrywide rollout signals the beginning and simultaneous issuance of loans in each of the federation’s states.
The Minister said that 13,000 out of the 59,161 potential beneficiaries across the 34 local government areas in Katsina State were verified and paid for the first phase of the interest-free loan.
She also mentioned that more vulnerable people and groups are anticipated to openly register at the National Orientation Agency offices by GEEP-trained desk officers throughout the 774 LGAs across the country.
A new window will open for the remaining potential beneficiaries to begin registration for 2022.
The GEEP 2.0 is one of the social investment programmes of the Federal Government, which also includes the N-Power, the Conditional Cash Transfer, and the National Home-Grown School Feeding Programme.
The Minister said these programmes aim to reduce poverty, enhance human capital development, and improve Nigerians’ living conditions.
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