TraderMoni: BOI to disburse N20bn to petty traders

The Bank of Industry (BOI) has said N20 billion will be disbursed to petty traders across the states in Nigeria and the federal capital territory. This was revealed yesterday by the Bank’s Executive Director in charge of Micro, Small and Medium Enterprises (MSMEs), Toyin Adeniyi. Speaking at the activation of the micro credit scheme for […]

The Bank of Industry (BOI) has said N20 billion will be disbursed to petty traders across the states in Nigeria and the federal capital territory.
This was revealed yesterday by the Bank’s Executive Director in charge of Micro, Small and Medium Enterprises (MSMEs), Toyin Adeniyi.
Speaking at the activation of the micro credit scheme for traders at Nyanya Market, Adeniyi said the bank targets at least 30, 000 traders in each state of the federation for the N10, 000 loan with a tenure of three to six months.
She said upon full repayment, the bank would increase the loan to N15, 000 and later to N20, 000.
“What we are doing here today is to come and create market awareness, to share with them the features of the programme and to encourage them to embrace the loan and teach them the modalities of how to pay back. If they pay pack, they get another loan,” she said.
She said the possibility of the traders not repaying the loans is low as the traders in the markets mean business.
“These are petty traders. They are doing these businesses for survival. If you look around you people are here for their daily survival. It’s not luxury for them. I feel the question on if they will pay back is not something to worry about,” she said.
She said the government is already receiving testimonials on the loans and it is a success story.
“It has helped them to expand the value of the products on their table top. For some people, instead of buying products on credit, they now pay cash,” she said.