Good times are here for farmers in Nigeria. There is an effort to assuage the negative impact on their business by the current inflationary trend in the country. This is because the Federal Government’s initiative to disburse interest-free loans to smallholder farmers and businesses nationwide is a significant step towards promoting economic growth and development. This move is part of the Government Enterprise and Empowerment Programme (GEEP), which aims to provide financial support to micro-enterprises, petty traders, artisans, youth entrepreneurs, and farmers.
The loans, ranging from ₦5,000 to ₦100,000, will be disbursed under three schemes: TraderMoni, MarketMoni, and FarmerMoni. TraderMoni targets youths aged 18 to 45 involved in petty trades, MarketMoni focuses on women in small-scale trading, and FarmerMoni supports rural farmers, particularly small-scale farmers involved in poultry, aquaculture, livestock rearing, and crop production.
According to Hamza Ibrahim Baba, National Programme Manager of GEEP, “These are not grants. They are loans but interest-free. The goal is to help Nigerians at the bottom of the pyramid improve their businesses, become part of the formal financial system, and eventually create jobs.” Beneficiaries will enjoy a six-month moratorium before beginning repayment, allowing them to produce and generate income before starting to repay the loan.
The programme’s success depends on transparency and proper targeting, ensuring that only deserving beneficiaries are selected. “The success of this programme depends on transparency and proper targeting. We want to reach those who truly need support, not those looking to take advantage of the system,” Baba emphasised. By providing interest-free loans and promoting financial inclusion, the Federal Government is taking an initiative that can have a lasting impact on the lives of small business owners and farmers, if the programme is properly and transparently administered.
