FG, BoI disburse N20b facility to traders
The Federal Government has begun disbursement of over N20 billion credit facility to boost the financial base of petty traders nationwide.The exercise, which kicked off last week in Utako, Abuja before moving to Osun State, was led by Vice President Yemi Osibanjo in collaboration with officials of the Bank of Industry (BoI). Each captured trader got a N10,000 collateral-free loan.
Addressing reporters yesterday in Abuja, the Executive Director, Micro-Credit, BoI, Toyin Adeniji, explained that the beneficiaries are to repay the facility in six months to qualify for another tranche.She said it was government’s intention to boost the businesses of the very poor petty traders in the society.
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