N19.9 billion disbursed to petty traders under GEEP, says BOI

Not less than N19.9 billion has been disbursed so far to petty traders by the Federal Government under the Government Enterprise Empowerment Programme (GEEP). This is according to the Bank of Industry (BOI).

Punch reported that as stated by the Executive Director of BoI, Toyin Adeniji, the funds disbursed to the petty traders were meant to boost their businesses and touch their lives in a positive manner.

While taking 50 students from Government Girls Secondary, Dutse on your, alongside the United Nations Ambassador, Dr Chanita Foster who visited the GEEP centre in Abuja, Adeniji encouraged the students to be innovative and empower themselves with skills and information rather than waiting to seek paid employment after their education.

Also available during the visit was the Chief Operating Officer of GEEP, Uzoma Nwagba who said that a total of 1.99 million petty traders across the country had received loans under GEEP. Giving the figures, he disclosed that 54.04% of the GEEP beneficiaries were female traders.

Nwagba said both the process of application and loan repayment under the programme had been automated and simplified.

What you should know: The GEEP is one of the four components of the National Social Investment Programme of the Federal Government that grants interest-free loans of between N10, 000 to N300, 000. The GEEP aims to increase financial inclusion and support for the people at the base of the economic pyramid.

About BoI: The Bank of Industry Limited is Nigeria’s oldest, largest, and most successful development financing institution. It was established in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorised share capital of N2 million.

BoI is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%). The bank has 11 members on its board and it is chaired by Aliyu Abdulrahman Dikko.

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