Walter Ukaegbu, Abuja
Some traders in the Federal Capital Territory have lauded the TraderMoni initiative of the Federal Government even as few expressed concern that real traders are not captured in the scheme.
The TraderMoni is a collateral-free loan facilitated by BoI that ranges from N10,000 to N50,000 depending on the repayment. It is designed to help petty traders expand their trade through provision of collateral-free loan of N10,000.
Edozie Ugwu, the National Association of Nigerian Traders in the FCT, told Daily Sun at the weekend after the event, which was spearheaded by the Vice President, Yemi Osinbajo, that the government must liase with market traders’ unions to identify real traders, while also sustaining the repayment pattern.
According to the Trade Union representative, “what is happening here is a good thing. It is a welcome development but the government needs to do better. A lot of traders are still complaining. They are not doing it in collaboration with market leaders to do it well.”
He said, “the strategy should have been to work with the market leaders who co-ordinate the unions to facilitate the re-payment pattern. If they don’t give to real traders, repayment is going to be difficult and they may not give to real traders. There is supposed to be a repayment pattern for anyone who gets the money.
That is why I emphasise on working with the market leaders since this is a loan that needs to be paid back. If you give it to anyhow people without proper identification, the repayment is not guaranteed.”
Speaking in the same vein,Sunday Chukwu,the Chief Task Force,National Association of Nigerian Traders said,”The government idea is good,but they must work with us, because we know the real traders.It is not enough to come to market and capture people without shop, it inhibits the repayment plan.