ABOUT 1.6M NIGERIANS TO BENEFIT FROM SOCIAL INTERVENTION FUND

imo mapThe Federal Government has earmarked one hundred and twelve billion naira Social Intervention Fund to support Micro, Small and Medium Enterprises in the country.

About one point six million Nigerians are expected to benefit from the Fund which will be disbursed as interest – free loans to Farmers, Market Women, Artisans and Enterprising Youths within the first one year.

Addressing Newsmen shortly after a meeting with representatives of Micro Finance Banks in Owerri, the Group Head, Micro Enterprises Directorate, Bank of Industry, Mrs. Uloma Ike said the Programme was part of efforts of the Buhari – led administration to grow the local economy and take the people out of poverty.

According to her, the loan has a repayment plan of six months with the beneficiaries receiving between ten and one hundred thousand naira. Mrs. Uloma explained that Government was collaborating with Micro Finance Banks in the disbursement of the loan due to their proximity to the grassroots.

She called on Nigerians especially those in the Rural Areas to take advantage of the Programme to grow their businesses. The President, National Association of Micro Finance Banks, Mr. Valentine Wensu pledged the commitment of the institution to ensure the success of the programme.

The Government Enterprises and Empowerment Programme, GEEP is expected to cover the seven hundred and seventy Local Government Areas of the Country.

CHINAZO ILECHUKWU

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