In a significant move to empower and uplift market women traders in Nigeria, the Federal Government has unveiled plans to establish a N75 billion fund known as the “Iyaloja Fund.”
The fund is designed to provide financial support to economically disadvantaged market women and is set to be officially launched on October 17, 2023.
Government officials say the “Iyaloja Fund” aims to address the financial challenges faced by market women across the country, allowing them to access capital for their businesses and improve their economic well-being.
Market women play a crucial role in the Nigerian economy, and the initiative is expected to enhance their economic stability and contribute to the overall growth of the nation’s economy.
The fund is set to provide financial assistance to market women traders who often face difficulties securing loans or accessing financial resources from traditional banking institutions.
”It will enable these women to expand their businesses, improve their trading activities, and ultimately improve their quality of life,” an official in the Ministry of Trade and Investment, who was not authorised to speak, told reporters.
The “Iyaloja Fund” announcement has been met with anticipation and support from various quarters, as it is seen as a positive step towards poverty alleviation and women’s empowerment in Nigeria.
Some Nigerians, however, queried if the whole process would be transparent.
Meanwhile, the fund’s launch on October 17 is expected to begin a new era for market women nationwide, offering them more significant financial opportunities and the chance to thrive in their businesses.
Details regarding the application process, eligibility criteria, and disbursement procedures for the “Iyaloja Fund” are yet to be released, and market women and stakeholders eagerly await further information.
