The Federal Government through the Federal Ministry of Humanitarian Afair, Disaster Management and Social Development (FMHADMSD) has officially launched the second phase of the Government Enterprise and Empowerment Programme tagged GEEP 2.0.
Minister of humanitarian affairs, social development and disaster management, Hajiya Saadiya Umar Farouq has said the federal government remains committed to improving the welfare of the vulnerable and low-income Nigerians.
[irp posts=”10922″ name=”GEEP LOAN: Applicants of Market Moni, Trader Moni and Farmer Moni to receive special ATMs for their N50k loan this week”]
She disclosed this during the launch of the programme in Daura Town of Katsina State of Nigeria, the President’s home town on the 1st of September, 2022.
Newsway gathered that the Ministry’s verified twitter handle also confirmed the launching.
Photos: Official launch of GEEP.2.0. by the Hon. Minister, Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD), @Sadiya_farouq in Daura LGA, #KatsinsState on 1st September, 2022.#FarmerMoni#TraderMoni#MarketMoni pic.twitter.com/iq3lddewyR
— Federal Ministry of Humanitarian Affairs (@FMHDSD) September 4, 2022
She said during the presentation of cheques to peasant farmers and petty business women, that the interest-free loans to beneficiaries was in line with President Muhammadu Buhari’s avowed commitment to fight poverty and its devastating impact from all angles.
“It is meant to give priority to the most vulnerable in our society e.g., widows, youth, disabled and the displaced amongst others,” she said.
“GEEP is captured in three signature schemes namely the Trader Moni loan of N50,000, targeted towards uplifting under-privileged and marginalized youths between 18 and 40 years in Nigeria, Market Moni an empowerment programme designed for under privileged and marginalized women in our society specifically targeted towards Female headed households e.g., widows, divorcees amongst other vulnerable groups, then the Farmer Moni loan scheme which is equally designed to provide agricultural inputs worth up to a maximum of N300,000 to rural farmers,” the minister explained.[irp posts=”9375″ name=”98,000 GEEP beneficiaries to receive N50,000 each”]
“Of the 59,161 potential beneficiaries were enlisted across the 34 LGAs of Katsina State just 13,000 applicants were confirmed and cleared to benefit from the interest free loans for the principal period of the program, while new enrollment is scheduled to start soon.”
According to her, GEEP has been rebuilt to have a top-bottom portrayal from the Federal, state and local government levels separately, expressing that in the first stage of the GEEP program around 1,142,783 potential beneficiaries were enrolled by the COMO’s across the 774 LGAs in Nigeria.
In case you are not aware
The Government Enterprise and Empowerment Program was established to provide financial support and training to businesses and entrepreneurs at the bottom of the financial pyramid.[irp posts=”595″ name=”Binance top-up $2 billion worth of Bitcoin to its assets”]
By providing low-cost micro-lending to over a million women, enterprising youths, agricultural workers, and other vulnerable economic producers, the Government Enterprise and Empowerment Program supports the development of otherwise low-productivity sectors of the population, bringing millions of people into the modern economy and lifting communities out of poverty.
A federal grant of N140 billion (US$388,888.88) was invested in the program with the goal of reaching over a million women, 200,000 artisans and MSMEs, 260,000 youth business ventures, and 200,000 farmers and agricultural workers.