The Nigerian government plans to distribute N10 billion as Trader Moni loan to petty traders and artisans in the country in the 2020 fiscal year.
Under the micro credit scheme, the Federal Government, through the Bank of Industry (BOI) would provide interest free and collateral free loan ranging from N10,000 to N100,000 to beneficiaries.
The loan is part of the Social Intervention Programme (SIP) of the President Muhammadu Buhari administration.
In the 2020 Appropriation Bill signed into law by the President on Monday in Abuja, N10 billion was allocated to BOI as grants to support low interest loan to Small and Medium Scale industries.
The first loan to an individual under the Trader Moni guidelines is N10,000. Upon payment of the first loan, the individual qualifies for a higher amount up to the maximum of N100,000.