The Bank of Industry (BoI) under the Government Enterprise and Empowerment Programme (GEEP) has signed an agreement with OXFAM Nigeria to disburse N200 million to OXFAM’s Village Saving and Loan Associations (VSLA) in Nasarawa, Benue and Plateau states.
The Deputy Country Director Oxfam Nigeria, Mr. Constant Tchona, said yesterday in Abuja that the development was aimed at strengthening the livelihoods capacity and resilience of poor households in rural communities.
“The partnership was borne out of the need to target the most marginalised and hard to reach in the rural communities in line with the objectives of the Federal Government’s social intervention policy.
“The funds tagged “GEEP MarketMoni” is the first batch of the loans meant to expand the activities of about 500 farmer groups in some communities in the three states. BoI is executing the Federal Government of Nigeria’s microcredit initiative, the GEEP,” Tchona stated.
Also, the Executive Director of the Microenterprise Directorate in BOI, Mrs. Toyin Adeniji, said “This is part of the Federal Government’s mandate to BoI to achieve, among others, financial inclusion and access to credit for 1.6 million beneficiaries across target segments.”