Association hails Nigerian Govt on “Trader Moni” initiative

Traders-being-registered-for-Trader-Moni-Buhari-administration-targets-2-million-of-them-e1534110510334

Traders being registered for Trader Moni: Buhari administration targets 2 million of them

Traders being registered for Trader Moni: Buhari administration targets 2 million of them

Mr Imo Anasonye, the Director General, Abia Chapter of National Association of Small and Medium Scale Industrialists (NASSI), has commended the Federal Government for remembering poor Nigerians in its plan to assist them with “Trader Moni”

Anasonye gave the commendation on Thursday in Aba during an interview with the News Agency of Nigeria (NAN).

Trader Moni is a Federal Government’s initiative to give collateral-free loans of N10, 000 to about two million poor Nigerians to help them in business.

According to Anasonye, the Federal Government must be commended for remembering the people with the idea, adding that even though the loan is N10, 000, no amount of money is too small to assist the poor.

“Last year, the government implemented the first leg of the programme called the Market Money where it disbursed from N10,000 to N50, 000 per beneficiary.

“Now, the government has come up with the Trader Moni which is like season two of that engagement programme.

“I commend the government for coming up with such initiative,” he said.

Anasonye, however, expressed fears that the N10, 000 to be disbursed under the Trader Moni would not impact much on people wanting to do business with it in the current day Nigeria.

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He also said that the government’s stand that if the N10, 000 loan was not repaid, it might result in blocking of a beneficiary’s Bank Verification Number (BVN) should be jettisoned.

According to him, such action will create many casualties since “anybody who can accept a loan of that amount is indeed a poor Nigerian.”

“He urged government to review the amount upward as a loan of that amount was too small to serve the expected purpose due to the high cost of living.

“The government should be bolder to create business money for the poor people in such a way that when they receive it, their businesses will be boosted by the loan,” he said.

Anasonye said the manufacturing sector, which should be the nation’s economic bedrock, was not getting the deserved attention needed to upgrade its performance.

He said that the government’s plan to diversify the economy should be facilitated by creating a pool of fund that could encourage large scale production to the benefit of Nigerians.

Anasonye also that when such funds were available, they should not be disbursed through government agencies, but through private sector organisations to achieve their purpose.

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