The Federal Authorities via the Authorities Enterprise and Empowerment Program (GEEP) has given interest-free loans to 2.3 million small and medium-sized enterprises (SMEs). Small companies will obtain monetary help between 2016 and 2020.
The businesses that benefited from the interest-free loans have been merchants, artisans, younger entrepreneurs, agricultural staff and different micro-service suppliers. It was discovered that the federal government has allowed small and medium enterprises to entry loans price between N10,000 and N300,000.
The interval during which these corporations have obtained loans fell between the yr (2016) Nigeria went into recession and got here out, and once more this yr, which was largely affected by the COVID-19 pandemic which resulted in an financial recession. for the nation.
AllNews recollects that the federal government had ordered companies, small, medium and enormous to shut for greater than two months to curb the unfold of the coronavirus. This measure has undermined the revenue of households, the incomes of companies and the financial system.
To handle the financial affect on small and medium-sized companies and low-class households, the administration led by President Muhammadu Buhari has arrange the GEEP, underneath which the TraderMoni, MarketMoni and FarmerMoni packages fall.
Different GEEP packages embrace N-Energy, The Dwelling Education Program and Conditional Money Switch (CCT) – they’re all a part of the Nationwide Social Funding Program (NSIP). The Minister of Humanitarian Affairs, Catastrophe Administration and Social Growth, Sadiya Umar-Farouq, mentioned the packages have created employment alternatives.
Talking concerning the affect of GEEP on small and medium-sized enterprises since 2016, Umar-Farouq mentioned: “Since its inception in 2016 to this point, GEEP has enabled greater than 2.3 million such micro-enterprises with interest-free loans to develop their companies. “
Umar-Farouq added that the group enterprises have been established by the 109,823 beneficiaries from heaps A and B of the N-Energy scheme.