The Federal Government is gearing up to launch the IYALOJA Scheme in November 2023, an initiative aimed at supporting market traders across Nigeria. Under this program, 1.5 million Nigerians will be targeted for assistance. The first phase will provide non-interest loans of N50,000 to traders selected from 109 markets nationwide.
Dr. Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, is spearheading the sensitization and engagement efforts in preparation for the official rollout next month. The IYALOJA Scheme draws parallels to the previous GEEP Loan program, offering financial support to individuals engaged in various market activities.
Dr. Edu emphasized the government’s commitment to introducing innovative approaches while building on the success of past initiatives. She expressed the intent to refine existing programs and expand their reach to benefit more individuals.
To facilitate enrollment, Nassco, a government agency, will be conducting registrations at selected major markets across the country. Traders will undergo a capturing process at their business locations, and a savings account will be established for each participant. Subsequently, the N50,000 interest-free loan will be directly deposited into their savings accounts courtesy of the Central Bank of Nigeria. This initiative is poised to provide a significant boost to micro, small, and medium enterprises (MSMEs) across the nation.