First Lady Remi Tinubu spearheaded the launch of the rebranded Government Enterprise and Empowerment Programme (GEEP), now named the Renewed Hope MSME Programme, aiming to provide significant support to micro, small, and medium enterprises (MSMEs) in Nigeria.
This initiative offers interest and collateral-free loans to various small-scale traders, farmers, and entrepreneurs, recognizing their role as fundamental pillars of the nation’s economy and significant contributors to economic empowerment, particularly for vulnerable groups.
Highlighting the importance of financial inclusion for MSMEs, the First Lady emphasized the program’s rebranding, now resonating in native languages to ensure a deeper understanding and involvement, especially among women, traders, and farmers.
Remi Tinubu stressed the democratization of financial resources, breaking down barriers, and empowering individuals with limited resources to actively participate in economic activities, consequently enhancing financial inclusion and enabling entrepreneurship across communities.
Addressing the challenges faced by small businesses in accessing traditional bank loans due to high interest rates and stringent collateral requirements, she underscored the significance of interest and collateral-free loans in fostering sustainability and growth for MSMEs. The First Lady encouraged wise planning, financial discipline, strategic investments, and commitment to repayment for program beneficiaries.
Furthermore, Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, highlighted the Market-Moni scheme’s extensive reach, targeting 1.5 million beneficiaries across Nigeria’s 109 senatorial districts. This initiative aims to provide N50,000 interest and collateral-free loans to each beneficiary, fostering grassroots governance and economic empowerment.
Edu emphasized various ongoing interventions to alleviate poverty, including N-Power projects, homegrown school feeding programs, and coding skills initiatives for young people, all geared toward eradicating poverty and instilling a sense of renewed hope among citizens under President Bola Tinubu’s administration.