Nigerian Vice President, Prof. Yemi Osinbajo, on Friday visited the Warri Main Market and Ogbe Ogonogo Market, Asaba in Delta State to assess the disbursement of the TraderMoni scheme.
TraderMoni is an Empowerment Scheme of the Federal Government created specifically for petty traders and artisans across the country.
Under the scheme, two million petty traders across the country would get N10,000 collateral-free loans this year.
Osinbajo, shortly after touching down at the Warri Airport, proceeded to the Palace of Olu Of Warri Ogiame Ikenwoli for a courtesy visit.
Osinbajo was given massive welcome at the palace where he addressed an enthusiastic crowd.
He explained that TraderMoni, a brainchild of President Muhammadu Buhari, was meant to empower no fewer than 2 million petty traders in 2018.
“Today, I am here to flag off the TraderMoni scheme –one of those schemes initiated by President Buhari.
“We have looked at the whole commercial landscape of Nigeria; the largest number of people engaged in commerce are petty traders.
“They are small traders; some of them table top traders; some of them selling on trays and the whole is usually not more than N2000 to N5000.
“The president then decided, following an experience which he had with the Katsina Foundation which he was the chairman, that it is important to give these petty traders some kind of a loan—N10,000.
“When they pay back, we give them N15,000, when they pay back, we give them 20,000 and we keep increasing all the way to N100,000 so long as they come back.
“It is meant to empower the petty traders,’’ he said.
The vice president said that there was nothing political about the scheme as was being insinuated.
He said it was unfortunate that because the scheme had gained popularity, some people were attacking it.
At the Warri Main Market, Osinbajo was given a rousing welcome by a waiting crowd which cheered and hailed as the vice president acknowledged cheers.
He went round the market lines and stalls to have a one on one exchange with the traders.
Afterwards, the vice president proceeded to palace of Ovie of Ughelli Wilson Oharisi 111 on a courtesy call.
At the Ogbe Ogonogo Market, Asaba, Osinbajo was also received by broom wielding crowd.
He went round the market and had one on one interactions with the traders who told the vice president their successes with the TraderMoni.