GEEP: FG assures lifeline to MSMEs – First Lady, Oluremi

Nigeria’s First Lady Oluremi Tinubu stated on Wednesday that the current government is prepared to assist Micro, Small, and Medium-Sized Enterprises (MSMEs) in the nation to generate jobs for Nigerians.

According to her, this kind of assistance significantly improves the general wellbeing of people and families while acting as a lifeline for those who are having financial difficulties.

At a formal launch event held in the Presidential Villa’s banquet hall, the First Lady gave these remarks as part of the Federal Ministry of Humanitarian Affairs and Poverty Alleviation’s renamed and expanded Government Enterprise and Empowerment Programme (GEEP), now known as the Renewed Hope Micro, Small, and Medium Enterprise (MSME) Programme.

The First Lady added that, given that businesses are the cornerstone of our economy, the revolutionary influence that Micro, Small, and Medium-Sized Enterprises (MSMEs) may have on the lives of the most vulnerable members of our society cannot be overstated.

According to her, it is essential for promoting inclusive growth and giving real advantages to those who most need them, particularly women and people with disabilities.

Enhancing her stance, Tinubu’s wife claimed that small companies offer a means of financial empowerment to individuals with low incomes who, given the right tools and a nurturing atmosphere, can become independent company owners.

She said, “It is in this regard, the rebranding of the three components of this programme is significant. Thus, Tradermoni (now rebranded Owo Oja or Olilanya Ndi Nagbambo or Tallafin Sana’a); Farmermoni (now rebranded Owoagbe or Olilanya Ndi Oru Ugbo or Tallafin Manoma); and Marketmoni (now rebranded Iyaloja or Nne Ahia or Agajin Yan Kasuwa).

“These rebranding drums home, especially among the womenfolk including traders and farmers, a deeper understanding and actual implication of the programme in our native languages.

“As I was informed that one of the strategic components of the Federal Government’s National Social Investment Programme (NSIP) is the Rebranded and Expanded Government Enterprise and Empowerment Programme (GEEP), this Programme is expected to focus, amongst others, on offering interest and collateral-free loans to small scale entrepreneurs thereby providing financial inclusion and enabling individuals with limited resources to access much-needed capital for entrepreneurial endeavors.

“This democratization of financial resources helps break down barriers and empowers the poor to participate actively in economic activities.”

She lamented about the issues surrounding the conventional commercial bank loans, saying that people with few assets found it difficult to obtain them because of the high interest rates and strict collateral requirements associated with them.

“Eliminating these barriers, through Micro, Small, and Medium Enterprises (MSMEs) programs create a more accessible and supportive environment for individuals to start and expand their businesses.

“Such financial support enhances the overall sustainability of Micro, Small and Medium Enterprises (MSMEs). Small businesses often face cash flow challenges, and the absence of exorbitant interest rates ensures that entrepreneurs can invest profits back into their businesses, fostering growth and resilience. This, in turn, contributes to job creation and economic stability within communities.

“My words of advice to those who might secure interest and collateral free loans through this Programme is that you should plan wisely, exercise financial discipline in managing the funds, invest strategically, be committed to repayment agreement, and be flexible to be able to navigate the dynamic business landscape.

“It is on this note, I hereby flag-off the Renewed Hope Micro, Small and Medium Enterprises (MSMEs) Programme to the glory of God, and wish you all a successful participation in the scheme. May all those who participate in the scheme prosper in their various business ventures,” the First Lady declared.

Speaking, Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, announced that all 109 senatorial districts would be included in the market-moni programme, which is aimed at 1.5 million beneficiaries spread throughout several states in the nation.

The minister announced that one significant market would be selected from each of the senatorial districts, and that upon registration, each beneficiary would receive a N50,000 loan devoid of interest and collateral.

“We are at a point to lift 50 million Nigerians out of poverty….

“They will be registered in the market. Their BVN will also be registered in the market….It is taking governance to the people.

“As soon as they register, a loan of N50,000 will be given to them, to use it for their businesses. The target for this is 1.5 million Nigerians that will benefit.

“We have other programmes that are within that bracket. Some of them are special projects targeted at Nigerians.
“I must say that Mr President is in a hurry to change Nigeria for better within the next one year.

“Other projects include the N-Power projects, the homegrown school feeding projects, the new special vehicle which is the End-Hunger project, by the Grace of God the President will be flagging that off next month.

“Beyond this, we are going to also launch other projects that will help young people to get coding skills.

“There are several interventions. We are dealing with multi-dimensional poverty so that at the end, we would have a nation that is strong under God, that its citizens will beat their chest and say indeed I am proud to be a Nigerian, and the Renewed Hope has truly come,” Edu stated.