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FG Establishes N127.7 Million Loan Scheme for Women

Posted by on 11/2/2002 5:38:10 AM | Views: 161 |

FG Establishes N127.7 Million Loan Scheme for Women

President Olusegun Obasanjo has approved the sum of 0ne hundred and twenty-seven million, seven hundred and ten thousand Naira (N127, 710,000) as a micro-credit loan facility for the Nigerian women, under the auspices of the National Council for Women Society (NCWS). The programme is intended to provide soft loans to the rural women to enable them finance projects in the area of agriculture, agro-allied trading and production/local manufacturing and is to be coordinated by the Ministry of Women affairs and Youth Development and National Poverty Eradication Programme (NAPEP).

Speaking during the launching/agreement signing ceremony yesterday in Abuja, the National Coordinator of NAPEP, Alhaji Adamu Maina Waziri, said the "micro credit scheme is a bold step by NAPEP to empower women to be self-sufficient, increase their productivity and income generation, thereby reducing poverty in the communities through the prompt and timely provision of credit facilities." He stated that the loan duration for agriculture and agro allied production is one year, trading and production/local manufacturing is for six months. Alhaji Waziri further explained that the NAPEP fund is being given out to through the National Council for Women Society (NCWS) at an interest rate of ten percent and not more than additional five percent interest should be charged on loans by the NCWS to its groups (thus between 11% - 15%).

According to the terms of agreement, the loan tenor is for one year and a rollover of the loan subject to review upon satisfactory performance of the NCWS.

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