The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development in April 2020 activated the GEEP infrastructure for the purpose of providing urgent micro loans to petty traders and artisans nationwide to cushion the economic hardships of COVID-19.
These urgent micro loans are reaching 500,000 petty traders and artisans nationwide. Small and micro enterprises at the bottom of the economic pyramid have been hit hardest by lockdown restrictions. These micro loans are to cushion the income losses experienced during the lockdown, as movement restrictions get eased nationwide.
All 500,000 traders benefitting from new GEEP loans nationwide, as well as all existing beneficiaries have a 3-month moratorium on their loans, as directed by President Muhammadu Buhari.