Economy
Tradermoni disburses N11.5bn loans to 1.2m poor, boosts micro-economy—BOI
Tradermoni a scheme designed and developed by the Bank of Industry, though an initiative of the federal government of Nigeria has seen the sum of N11.5 billion injected into the economy. The sum is a revolving loan facility disbursed to the poor in three categories. The scheme has had a multiplying effect by increasing the productivity of Nigerians who ordinarily could not access bank loan. The scheme has also expanded the financial inclusion being pursued by the Central Bank of Nigeria by enrolling 1.2 million who would not have had access to banking facility into the system. Most of the beneficiaries have also been enrolled in the Bank Verification Number BVN.
Taking reporters through the scheme in Abuja, Executive Director, Micro Enterprise, Bank of Industry, Mrs Toyin Adeniji, said “more than 1.5 million Nigerians have benefited from the Federal Government Enterprise and Empowerment Programme (GEEP) scheme since inception in 2016”. Adeniji said that the scheme was one of the four social intervention programmes of the Federal Government.
She said the scheme has three products – MarkekMoni, FarmerMoni and TraderMoni – and that the beneficiaries were traders, artisans, framers, petty traders, tricycle operators, among others. She said that the scheme has two primary goals of access to finance and financial inclusion. ”GEEP first product, MarketMoni, is a loan between N50,000 and N300,000 for upper end of micro enterprises which more than 350,000 businesses have benefited from. The second one is FarmerMoni which starts from N300,000 and is for farmers and has more than 5,000 farmers. The third one is TraderMoni, a micro credit loan for petty traders, which starts from N10,000 to N15,000, N20,000, N50, 000 and N100,000 and has benefited more than 1.2 million petty traders,” Adeniji said.
She said that the minimum criteria for accessing GEEP include being a verified trader with a verified place of trade and possession of a Bank Verification Number for MarketMoni and FarmerMoni. In addition, the beneficiary must be a member of a certified market association or cooperative society and having a bank account or mobile wallet. Adeniji said that agents were prohibited from requesting for any information not listed in the criteria for each facility. “Under no circumstances is a Permanent Voter Card or any political indication requested when applying for these loans,” she said.
She said “the bank has the data of the 1.5 million traders who had received the loans. She said that the loans could be repaid through commercial banks, local agents and by purchasing of GEEP vouchers in various markets. According to her, every beneficiary of the scheme is a loan obligor to Bank of Industry. “The bank has developed a structured framework to execute the programme,” she said. Adeniji said that the bank planned to train traders on the use of technology to drive information and also promised to create more awareness on the scheme. She further said that contrary to insinuation that the money being disbursed is free, it is a loan that beneficiaries have to pay back. She said that as at December 2018, the bank had disbursed 1.2 million loans in all the 36 states of the federation and the federal capital territory. The plan she said is to disburse 2 million loans.
According to her the loans are granted to Street hawkers, petty traders, artisans, micro-commercial service providers. Going by BOI records 51.3 per cent of the loans have been so far granted to women, while 48.7 per cent is to men. A further breakdown showed that 39 per cent of the Tradermoni was granted to food stuff vendors, 20.6 per cent clothing vendors, 10.196 per cent to FMCG vendors, while 10.1 per cent went to recharge card vendors and 26.1 per cent to others.
She said that Tradermoni is not a free handout. It is a loan, an initiative of the federal government known as Government Enterprise and Empowerment Programme (GEEP) to get people working. She stressed that the loan was not a gift or a vote buying scheme as many have wrongly alleged. She said it was as a result of this wrong notion that PVC was excluded from the loan requirement. She said that GEEP leverages on a private sector-driven agent network that is spread across the 36 states of the federation to enumerates beneficiaries.
She said “beneficiaries then go through a verification process at the bank of Industry before the disbursement. The minimum criteria for access the GEEP loan she said include being a verified trader, with a verified place of trade, possession of a BVN for Marketmoni and Farmermoni; membership of a certified market Association or cooperative, a bank account for mobile wallet which are opened for the beneficiaries by Bank of Industry agents for those who do not have bank account. She said that agents of the programme are prohibited from requesting for any information not listed in the criteria for each facility. She said that under no circumstance is a PVC or any political indication requested when applying for these loans. She said that every single candidate for the GEEP is enumerated at their point of trade by one of the over 4,000 agents bearing tablet devices or smartphones. Of the approximately 5 million candidates enumerated till date 1.5 million have qualified and received the loans across all GEEP products”.
According to her “there is a stringent process for enumerating beneficiaries, validating their details at the BOI backend, and disbursing the loans We have more than 43 data points collected for each enumerated beneficiary. For all the 1.5 million traders that have received the loan, we can tell you exactly who they are, their trade type, the market where they trade, their age, sex, mobile number, facial ID and bank related detail”. Continuing Mrs Adeniji said “the entire operation of GEEP is technology driven; BVN are validated against the NIBSS database, background checks are done against third party data sources, all enumeration is done on the agent’s tablet devices that feed the information into a central BOI database, extensive KYC is done on our agents, and we carry out independent verification and regulate system audits to protect the integrity of the programme and its operation.”
Mrs Adeniji also said “we continue to set up a robust infrastructure to enable repayments and recover our loans. Today, GEEP loans can be repaid via one of three methods which are, by walking into bank branches and paying over the counter; by paying at local agents of our aggregators or mobil money representatives or by purchasing GEEP vouchers in your market place and recharging your loan account. We have also seen a high uptake in repayments since we commenced a push and provided a wide array of options as our beneficiaries want to stay on the journey to higher loans by repaying their previous loans.”
Economy
Bayelsa bans illegal mining activities
Bayelsa State government has placed an outright ban on all unauthorized and illegal mining of mineral resources in communities across the state.
It also issued a stern warning to community leaders who had been reportedly signing memoranda of understanding with illegal miners in their domains to stop forthwith or face sanctions, declaring such agreements already entered into as null and void and of no effect.
Governor Douye Diri made the declarations, on Monday, during a town hall meeting with community leaders, top government officials and other critical stakeholders from Southern Ijaw, Brass and Ekeremor Local Government Areas of the state in Yenagoa.
Diri, who was represented by his Deputy, Senator Lawrence Ewhrudjakpo, described the illegal mining of “black sand” also known as silicon at Foropa, Agge, Die-ama, and other coastal communities in the state by miners from outside as a dangerous threat to the safety of the Bayelsa environment and health of the people.
While directing the immediate suspension of all such mining activities in all parts of the state, the governor pronounced an embargo on communities from signing memoranda of understanding (MoUs) with companies, without consulting with government, to mine minerals in their areas.
His words, “The state has recently witnessed a dimension we are not comfortable with. There is a developing issue in Ekeremor, Brass and Southern Ijaw LGAs. People from outside the state are illegally mining silicon or black sand in our community, without the authorization of government, and that has to stop forthwith.
“It is both dangerous to the safety of our environment and health. Unchecked Illegal mining activities in the north contributed to the banditry that has engulfed several states in the north. We won’t allow that here.
“We learn some communities have gone ahead to sign MoUs with these illegal miners. Government is angry with those communities for signing agreements with miners without consulting the relevant government institutions and agencies.
“Government is, therefore, directing the immediate suspension of all such illegal silicon or black sand mining activities across the state.
“An embargo is hereby placed on MoUs between communities and companies from within or outside the state. And every MoU already signed without government approval is hereby declared invalid and of no effect.”
He pointed out that while his administration is creating the enabling environment to attract both foreign and local investors, it would not tolerate any business to undermine the security and safety of the people and their environment.
He warned that paramount leaders and other community leaders who violate the order would be arrested and prosecuted in line with relevant laws of the state, stressing that illegal mining does not only violate environmental impact assessment laws, but also poses a serious security threat and robs the state of legitimate revenues.
In his submission, the Commissioner for Environment, Hon. Ebi Ben-Ololo, stressed the need for communities to obey an extant law passed by the Bayelsa State House of Assembly, which regulates and outlines the procedure for carrying out mining activities with necessary government authorization.
Economy
Miners kick against northern governors’ proposed ban on mining activities
The Miners Association of Nigeria says banning mining activities in the country is not the solution to the country’s security challenges.
The association said this in a statement jointly signed by its national president, Dele Ayankale, and its national secretary, Sulaiman Liman, on Monday. The Northern States Governors’ Forum recently called for the suspension of mining activities for six months following the abduction of school children and killings in some states.
They identified illegal mining as a key driver of insecurity and stated that the suspension would allow for a comprehensive audit and revalidation of all mining licences in consultation with state governments. Nonetheless, MAN said that only illegal mining had been linked to fueling terrorism and other security challenges, not legal operations, and decried that the ban would hurt legal miners while giving room to illegal operations.
Mr Ayankale argued that previous bans on mining, as a strategy to curb insecurity, had not yielded positive outcomes, as seen in the 2019 ban on mining activities in Zamfara, saying the negatives outweigh the positives. He said, instead, banditry, kidnappings, and terrorism escalated in the state and extended to neighbouring states of Katsina, Kaduna, Niger, and Kebbi, among others.
“It is the disorderly, illegal mining that is conducted without licences and government regulations and control that practices money laundering and fuels insecurity. A clear distinction must be made between legal and illegal mining. Therefore, stigmatising mining as the cause of insecurity is a misnomer,“ he explained.
He stressed that the ban would be unjust and a serious disservice to legal miners and their employees, leading to mass unemployment, worsening multidimensional poverty, and insecurity. The victims of such bans, he said, were usually legitimate stakeholders, as illegal miners mostly linked with terrorists would still have access to mineral resources due to the government`s poor logistics and personnel to enforce compliance.
“Unfettered access of illegal miners to the mineral resources in a banned mining location offers incentives and empowerment to criminals as they exchange the minerals for arms and ammunition to improve their heinous activities, “ he said. The ban, he further explained, would undermine the Federal Government’s progress in attracting investment to the solid minerals sector, especially its initiatives aimed at removing bottlenecks and enhancing the sector’s visibility in global markets.
Mr Ayankale said that his members work in synergy with security agencies to maintain safety in their areas of operation, and that their activities follow standard procedures for responsible, environmentally friendly mining.
According to him, MAN’s members, through the implementation of the statutory Community Development Agreement, contribute significantly to infrastructure development in rural areas and to boosting the economy.
“Therefore, the call by our northern governors and elders to ban mining activities, at a time when the nation has started welcoming pockets of investments, is not only unfortunate, but highly unpatriotic,“ Mr Ayankale added.
He said the governors should use part of their security votes or create special funds to strengthen the operations of the Mining Marshals and other legal initiatives to address illegal mining.
According to him, the call for revalidation of mining licenses is akin to an agitation for resource control. Mr Ayankale added that it was fundamentally against the letter and spirit of the Constitution, which places the control and management of mineral resources on the Exclusive Legislative List. He urged the president to consider that the ban could create more recruits for terrorist activities. NAN
Economy
Nigeria champions African-Arab trade to boost agribusiness, industrial growth
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
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