The Nigerian government has unveiled a ground-breaking program designed to empower and aid female market vendors. This project, known as the “Iyaloja Fund,” will get a sizable N75 billion funding.
The “Iyaloja Fund” is deliberately planned to provide financial help to economically disadvantaged market women throughout Nigeria. It is scheduled to officially start on October 17, 2023.
Its main goal is to help these women overcome their financial obstacles so they may access financing for their enterprises and enhance their economic well-being.
Market women play a crucial part in the Nigerian economy, and it is predicted that this program will increase their financial security and so considerably boost the country’s economic growth.
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The “Iyaloja Fund” focuses on helping market women traders, who frequently have trouble getting loans or other financial resources from traditional banking institutions. This is one of the fund’s main selling points.
According to Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, said on Tuesday., “It will empower these women to expand their businesses, enhance their trading activities, and ultimately elevate their quality of life.”
The “Iyaloja Fund” announcement has received enthusiastic support from a variety of sources since it is seen as an important step toward Nigeria’s poverty reduction and women’s empowerment. However, several Nigerians have questioned if the entire process was transparent.
The official opening of the fund on October 17 marks the beginning of a new era for market women across the country. It guarantees them a chance to prosper in their enterprises and more financial options.
Market women and other stakeholders are eagerly anticipating more information, even though specifics on the application process, eligibility requirements, and disbursement procedures for the “Iyaloja Fund” have not yet been made public.
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