A total of 30,000 traders in Akwa Ibom State will benefit from the Federal Government’s micro-credit scheme under the first phase of its Social Investment Programme in the state.
The State Focal Person, Social Investment Programme, Ita Okon, disclosed this recently in Uyo at the training of 310 N-Power volunteers that will register the beneficiaries of the scheme.
Okon said the programme, tagged: “Market Moni,” was meant to give soft loans to petty traders in the state and boost their volume of trade.
He said that the beneficiaries would be drawn from registered cooperative societies in the state, who would be entitled to loans ranging from N10,000 to N50,000 each.
Okon explained that the beneficiaries were expected to refund the loan at the end of this first phase so as to qualify for the second phase of the scheme.
He further disclosed that the second phase of the loan was pegged at N100, 000 per each beneficiary.
He said: “Akwa Ibom is fortunate to be among the first benefitting states in this pilot scheme.”
Also speaking the Akwa Ibom State Head of Civil Service, Ekereobong Akpan, commended FG for initiating programmes aimed at poverty reduction.
Akpan, who was represented by the Permanent Secretary, Ministry of Commerce and Investment, Oliver Udokpo, said that any poverty eradication programme was dear to the state government.
He said that the state government had already provided manpower, accommodation, vehicles and state coordination office for the programme.
The Social Investment Programme of the FG included the N-Power job programme for unemployed graduates and Home Grown Feeding for primary school pupils.
Other programmes under the scheme are Conditional Cash Transfer, the Government Enterprise and Empowerment Programme and micro-credit scheme also known as “Market Moni.”
Ani Uchenna, Uyo