5 million Nigerians to benefit from TraderMoni in 2020

Last updated on February 2nd, 2021 at 08:28 am

  • N19.6bn had been disbursed to about 1.95 million Nigerians under TraderMoni
  • A total of 4.6 million people have been enumerated out of which 2.57 million have been verified.​

The Minister of Humanitarian Affairs, Hajiya Sadiya Farouq, has said that five million Nigerians will benefit TraderMoni, the Federal Government free-interest loan which was launched in 2018.​


She said, “So far we have been able to capture about 2.5 million people since the programme started and our ambition now is to scale it up to five million people annually.”​

Hajiya Sadiya Farouq stated this on Tuesday, October 29, 2019 when she visited the Command Centre of TraderMoni at the Bank of Industry Building at the Federal Capital Territory, Abuja.

According to her, the APC-led government of President Muhammadu Buhari has given the approval to scale up the number of those that would benefit from the TraderMoni programme from 2.5 million to five million annually.

The TraderMoni Programme is powered by the Bank of Industry which allows each beneficiary to get an interest free loan of between N10,000 to N15,000.

It started in 2018 before the general elections, which main opposition party Peoples’ Democratic Party (PDP) described as vote-buying.

TraderMoni is part of the Social Intervention Programmes under the APC government.

Below is statistics received by BoI

  • N19.6bn had been disbursed to about 1.95 million Nigerians under the programme.
  • A total of 4.6 million people have been enumerated out of which 2.57 million have been verified.
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Recall that the minister said on Monday that 90 million of Nigerians live in extreme poverty and are in dare need of financial help.

She described the implementation of the programme as a huge success adding that through it, the government would be able to achieve its objective of reducing the level of poverty in the country.

“We are proud of the BoI for putting up this centre and I must commend you for that. I must also use this opportunity to reiterate the President’s vision of lifting 100 million people out of poverty.

“This is one of such programmes geared towards making sure that millions of Nigerians are lifted out of poverty,” The Punch quoted her as saying.

The minister said the government had the required facilities and capacity to achieve this new target.

She said, “With what I have seen on ground I am sure we will be able to achieve that because we have the facilities.

“We will scale up this programme from the 2.5 million beneficiaries to five million people yearly and I don’t think it is a very giant ambition. With teamwork, we can achieve this target.”

She promised to inspire President Buhari to come see the work been done at the command centre.

Speaking, the Managing Director, BoI, Mr Olukayode Pitan promised the bank would continue to provide all the needed assistance for the successful implementation of the programme.

How to register for TraderMoni loan

We’ve written about this in our previous posts, please check it out on how to register for tradermoni in your community.

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  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across investment, foreign exchange, government policies and politics. Ope is available on Twitter @OpeQuadri.

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