Lagos traders plan new trades with TraderMoni loans

Some Lagos traders who are beneficiaries of the federal government’s N10,000 interest-free loan scheme, otherwise known as TraderMoni, have revealed plans to invest the money in small scale businesses. The traders spoke with our correspondent at Obalende, Makoko (Asejire) and Oyingbo markets in Lagos yesterday when the TraderMoni team, led by the Vice President, Yemi […]

Some Lagos traders who are beneficiaries of the federal government’s N10,000 interest-free loan scheme, otherwise known as TraderMoni, have revealed plans to invest the money in small scale businesses.

The traders spoke with our correspondent at Obalende, Makoko (Asejire) and Oyingbo markets in Lagos yesterday when the TraderMoni team, led by the Vice President, Yemi Osinbajo, launched the scheme in those markets.

A fruit seller at the Obalende market, Mrs Mercy Emmanuel, said it had always been her desire for many years to add groundnut sales to the list of her businesses but had been hampered by the paucity of funds. She added that with the TraderMoni loan, her desire had become realistic.

“As you know, selling of some fruits is seasonal, which is unlike groundnut that sells all the year round. There are months I stay at home doing nothing because there are no fruits to sell, but now as I am collecting this loan, I will be investing it in the groundnut business. I am very happy with this TraderMoni idea,” Mrs Emmanuel said.

Similarly, Mrs Ayo Adegoke, who sells pepper and tomatoes at the Asejire market, said that aside taking a part of the loan to re-stock with more pepper and tomatoes, she would be adding onions and coconuts to her trade. Mrs Adegoke said she was desirous of making more profits and would be glad to benefit from more loans.

A plantain chips seller at the Oyingbo market, Bisola Ayobami, disclosed she would be adding the sale of soft drinks to her petty trade. Ayobami said the N10,000 loan was coming at the right time for her and promised to make judicious use of it.

The Executive Director, Bank of Industry, Mrs Toyin Adeniji, explained that under the TraderMoni scheme, beneficiaries can get access to a higher facility ranging from N15,000 to N100,000 when they repay the first N10,000 loan given them within the stipulated period.