First lady launches Market Moni 2.0, targets 1.5m female-owned MSMEs

Nigeria first lady, Senator Oluremi Tinubu, has launched the Market Moni 2.0 targeting 1.5 million women across the 109 markets in 109 senatorial districts across Nigeria.

The scheme was initially launched during the previous administration of Muhammadu Buhari.

Speaking during the launch in Abuja, on Wednesday, Mrs Tinubu said the goal is to promote the development of locally established businesses, petty traders, and market women micro-enterprises across the country.

The first lady encouraged recipients of the interest-and collateral-free loans programme to make wise investments.

She said the administration of President Bola Tinubu is now poised to assist micro, small and medium enterprises (MSMEs) in the nation in order to provide various jobs for the general public.

Mrs Tinubu said this kind of support improves the well-being of those experiencing financial challenges and greatly enhances the general well-being of individuals and families.

She said the revolutionary impact MSMEs can have on the lives of those most in need in society cannot be emphasised, as businesses are the backbone of the country’s economy.

Mrs Tinubu said it is particularly important for women and persons with disabilities in order to support inclusive growth and provide genuine benefits to those who are in need.

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According to her, small enterprises offer a means of financial empowerment to individuals with restricted means, who may transition into independent business owners with the right tools and a nurturing atmosphere.

“It is in this regard, the rebranding of the three components of this programme is significant. Thus, Tradermoni (now rebranded Owo Oja or Olilanya Ndi Nagbambo or Tallafin Sana’a); Farmermoni (now rebranded Owoagbe or Olilanya Ndi Oru Ugbo or Tallafin Manoma); and Marketmoni (now rebranded Iyaloja or Nne Ahia or Agajin Yan Kasuwa),” she said.

“These rebranding drums home, especially among the womenfolk including traders and farmers, a deeper understanding and actual implication of the programme in our native languages.

“As I was informed that one of the strategic components of the Federal Government’s National Social Investment Programme (NSIP) is the Rebranded and Expanded Government Enterprise and Empowerment Programme (GEEP), this Programme is expected to focus, amongst others, on offering interest and collateral-free loans to small scale entrepreneurs thereby providing financial inclusion and enabling individuals with limited resources to access much-needed capital for entrepreneurial endeavours.”

She said the democratisation of financial resources helps break down barriers and empowers the poor to participate actively in economic activities.

The first lady presented cheques to some of the beneficiaries of the scheme in the Presidential Villa.