First Lady Initiates N50,000 Market-Moni Scheme Expansion to Boost MSMEs
First Lady Oluremi Tinubu unveiled the targeted expansion of the N50,000 Market-Moni Scheme on Wednesday, asserting its role in fortifying the micro, small, and medium enterprises (MSMEs) sector across Nigeria.
The launch, held at the State House Conference Centre, Presidential Villa, Abuja, included the symbolic presentation of cheques to selected beneficiaries, a ceremony presided over by the First Lady herself.
Encouraging prudent investment, Mrs. Tinubu stressed the administration’s commitment to empowering MSMEs, essential contributors to Nigeria’s economic foundation.
Recognizing the transformative impact of MSMEs, especially on vulnerable segments of society, she highlighted their role in fostering inclusive growth and providing tangible benefits, particularly to women and persons with disabilities.
In a move to enhance resonance with traders and farmers, the First Lady introduced local language versions of the scheme’s components, emphasizing the significance of rebranding.
Mrs. Tinubu underlined the importance of financial inclusion and the provision of interest- and collateral-free loans through the programme, democratising financial resources and facilitating active participation in economic activities for the impoverished.
She criticized traditional loans from commercial banks for their prohibitive nature, citing high interest rates and stringent collateral requirements that hinder those with limited assets.
Advocating for the MSME programme as a more accessible and supportive alternative, Mrs. Tinubu urged beneficiaries to plan wisely, exercise financial discipline, and remain flexible in navigating the dynamic business landscape.
Following the First Lady’s speech, the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, provided details about the Market-Moni scheme’s reach and procedures.
Edu outlined the scheme’s goal of covering all 109 senatorial districts, targeting one major market from each district, with each beneficiary receiving an interest- and collateral-free loan of N50,000 after registration.
Addressing the potential impact, Edu stated, “We are at a point to lift 50 million Nigerians out of poverty,” highlighting the simplicity and positive effects of the registration and loan process. The target for the scheme is 1.5 million Nigerians, each benefiting from the N50,000 loan.
At the event’s conclusion, several beneficiaries shared their experiences and gratitude. Women leaders and business owners from various markets described the loan as a substantial capital boost, expressing delight at the potential augmentation to their ventures.
Mrs. Tinubu, in her closing remarks, officially flagged off the Renewed Hope MSMEs Programme, extending best wishes to all participants for success in their business endeavors.
Source: PUNCH
