The Bank of Industry has disbursed micro-credit loans ranging from N50,000 to N100,000 to over 7,000 beneficiaries in Cross River under the Federal Government’s Enterprise and Empowerment Programme.
According to a statement from the bank, the Executive Director, Micro Enterprise, BoI, Mrs Toyin Adeniji, stated this recently in Calabar during the presentation of loan certificates to beneficiaries in the state.
Toyin explained that GEEP was one of the social intervention programmes of the Federal Government executed by the BoI to facilitate easy access to interest-free loans for market women, traders, farmers, cooperatives and youths.
She said, “The GEEP programme is the one that touches the hands of the people and has an immediate direct impact on their lives. It is also a microprogramme, very easy to access and everyone is qualified to access once you are into one commercial business or the other.
“The programme is targeted at market women, artisans, youths and smallholder farmers. Today, the government is giving out loans in the region of N50,000 to N100,000. The loans are payable over six months and they are payable in weekly instalment so that it can be easy for the beneficiaries.
According to her, BoI has been given a task to make sure that the money gets to 1.6 million beneficiaries across Nigeria.
She further said that the bank disbursed about N185m to over 3,840 beneficiaries across 105 associations in Cross River State in 2017.
The Cross River State Commissioner for Women Affairs, Mrs Stella Odey, was quoted as saying that the initiative had engaged women and youths in the state in meaningful activities.
She said, “I must commend the Federal Government for the laudable initiative of helping our women, artisans, farmers and youths to grow their small businesses.
“Cross River State places a premium on the empowerment of women; what we have seen here today shows clearly that the Federal Government is determined to engage the citizens in productive ventures.”