The Federal Government is set to launch the Iyaloja Fund, a N75 billion initiative, to provide non-interest loans of N50,000 each to 1.5 million market women. This move aims to bolster capital for businesses and drive expansion.
Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, announced this groundbreaking development, emphasizing that the program will be executed in three phases. The initial phase will benefit 500,000 individuals.
Edu reiterated the government’s dedication to poverty eradication through various programs, including conditional cash transfers to 15 million households, impacting 62 million individuals. Additionally, initiatives like NPower provide employment opportunities, while the Renewed Hope Shelter project aims to provide housing for the underprivileged, focusing on community-driven efforts for construction.
The Minister urged the support of the Minister of Information, particularly the National Orientation Agency, in spreading awareness and facilitating the inclusion of the most vulnerable in the National Social Register, presently undergoing verification. This step will ensure the program reaches those who need it most.