Will TraderMoni collapse in the next few years?
The TraderMoni is an empowerment scheme done by the federal government of Nigeria. It is a loan program created for the petty traders and artisans in Nigeria. This program is done basically to enhance and support the businesses of the petty traders, there by giving them 10,000 naira interest-free loans as capital, to start up […]
The TraderMoni is an empowerment scheme done by the federal government of Nigeria. It is a loan program created for the petty traders and artisans in Nigeria. This program is done basically to enhance and support the businesses of the petty traders, there by giving them 10,000 naira interest-free loans as capital, to start up their businesses or improve their market, which they will eventually pay back to the government as their business grows, so as to be given more opportunities and access to loans higher than the initial amount. This program is being executed by the Bank of Industry (BOI).
The government realized how the citizens were in dire need of money and little capital to start up their businesses, because most banks do not give loans to petty traders. This brought about the birth of Trader Money in Nigeria. The TraderMoni has gone round the 36 states including the Federal Capital Territory (FCT) Abuja, as the government has targeted to disburse 2million TraderMoni loan to these states, which both the small scale traders and the petty traders are their main target. In the past a lot of programs like the TraderMoni were in existence, but later scrapped by the same government who set up those programs. This was because of their inability and lack of competence to continue the funding of the traders, while others that are still in existence are not as active as they used to be when they were first established.
I would say, the Trader Moni scheme is a very wise and brilliant idea, as a lot of small scale business men and women as well as petty traders will be opportune to benefit from it and I commend the federal government for their support. But my major concern is, for how long do governments intend to continue the smooth sailing of the program and what are the future plans of the federal government in terms of sustaining the Trader Moni scheme for a lengthy period of time in order for it not to be disregarded in the future, just like the other similar schemes that were also targeted at petty traders, but are not very effective as of today. The reason for my being concern about this issue is because, most of the beneficiaries are already relying on the government for more loans as they pay, which will enable the growth of their businesses. In a situation where the government halts the empowerment program, the traders will be greatly affected, as all their hopes will be lost, because a lot of banks do not usually offer loans to petty traders like them, so the outcome of the program having to be ceased will be a bizarre as a lot of traders who had ambition and zeal to work, also those that had just the little business with which they sustain their family, will become frustrated as their source of livelihood has been destroyed and as a result they start indulging in heinous crimes in the society just to make a living. I think I would speak for the traders here in the sense that, I earnestly ask the government not to break the smooth journey of the Trader Moni empowerment scheme for small scale and petty traders. But rather, continue with the scheme even after their reign so their names and good deed will forever be remembered in the heart and minds of these poor Nigerian traders.
Zainab Hassan, [email protected]