First Lady Launches ₦50,000 Market-Moni Scheme With Goal To Benefit 1.5m Nigerians

First Lady Oluremi Tinubu launched the N50,000 Market-Moni Scheme’s targeted expansion on Wednesday, aiming to strengthen the micro, small, and medium enterprises sector nationwide. The event, held at the State House Conference Centre in the Presidential Villa, Abuja, saw the First Lady presenting symbolic cheques to selected beneficiaries.

She urged recipients to invest judiciously, highlighting the administration’s commitment to empowering MSMEs, emphasizing their vital role in the Nigerian economy. Mrs. Tinubu emphasized the transformative impact of MSMEs on vulnerable communities, particularly women and persons with disabilities, and stressed the significance of the program’s rebranding to resonate with traders and farmers through local language versions.

The First Lady underscored the importance of financial inclusion and interest- and collateral-free loans, criticizing traditional bank loans’ prohibitive nature. She advocated for the MSME program as a means to create a more accessible and supportive environment for business growth, advising recipients to plan wisely, exercise financial discipline, and remain flexible in the dynamic business landscape.

Following her address, Dr. Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, provided details about the Market-Moni scheme’s reach and procedures. Edu announced the scheme’s goal to cover all 109 senatorial districts, targeting one major market from each district, with each beneficiary receiving a N50,000 interest- and collateral-free loan after registration.

The Minister expressed the program’s ambition to lift 50 million Nigerians out of poverty, detailing the simplicity and impact of the registration and loan process. Several beneficiaries, including Women Leader Hajia Rekiya Shauibu and iced fish seller Mrs. Ironic Ude, shared their positive experiences and gratitude, citing the significant capital boost for their businesses.

Dealers in children’s items, Mrs. Malomo Mojisola, and widow Mrs. Saratu Maikeffi, who runs a grinding machine business, expressed delight and anticipation of enhanced ventures. Mrs. Maikeffi particularly thanked President Tinubu and the First Lady, acknowledging the substantial value of the N50,000 to her livelihood.

Assistant Women Leader Mrs. Harira Hudu, a food vendor, described the loan as “real help” and expressed gratitude to the First Lady, closing the event. Mrs. Tinubu officially flagged off the Renewed Hope MSMEs Programme, extending best wishes to all participants for success in their business endeavors.