The Buhari administration has rolled out N140 billion Federal Government Enterprise Empowerment Programme (GEEP) fund, an initiative that’s set to provide aid for business people in Nigeria.
Here are a few things you should know about the new initiative:
- The facility, being implemented by Bank of Industry (BOI) is meant for traders, artisans and market men and women, and it is called the GEEP under the Systematic Investment Plan (SIP).
- Screening is carried out with the potential beneficiaries, and engagements are on with some banks, to train these potential beneficiaries
- Beneficiaries would be trained on how to utilise the funds effectively, how to ensure they have records, booking keeping and financial management and also how they can be able to do a financial evaluation every month.
- Beneficiaries would be given between N10,000 to N100,000 and are required to pay N4,000 weekly after a two weeks grace.