The monies are graded according to the size of their business. 10k, 50k and up to 500k for MSMEs. These same people queue in front of different microfinance banks, cooperatives to take this 10k loans at ridiculous interests. They put their children up as maids for such money.
For an Akara seller or ugwu seller in ketu market, the 10k collateral free loan is huge. Their business size is less than 30k, profit of 2k. The 10k will create wealth along a value chain you have refused to see. In their case, Wealth is generated along a value chain.
The Akara seller will buy more beans with the 10k, the beans seller sells more, she will be able to offset the debt from the charcoal she takes on credit to make Akara, the oil she uses from the vegetable oil seller. There is a value chain worth 1m around her which will benefit..
She sells more akara, she buys more beans, she buys more oil, the beans seller can also buy more, the farmer enjoys, they able to improve their household, they able to pay for transportation, danfo driver will benefit, they can buy drugs, they all make more profits..
The 10k would have travelled through a value chain worth millions. They are micro credit loans, they touch numerous lives along the line. The people who borrowed 780bn from Skye bank that Amcon had to pay off, how many lives did they touch? How many people were employed? 
How many Nigerians were employed by the 2.3trn bad loans Amcon had to inherit from few rich folks. Can you show us their companies and statistics? The took loans here and used it purchase exotic houses and properties abroad. The FG still bailed them out..
Can you tell us how many people are employed by Mr. Ibrahim and Ubah..
The FG will use scarce resources to bail out the rich who borrow and don't pay back, is it not better to put the money in the hands of micro traders in the market?
google.com.ng/amp/s/www.thec…
The FG will use scarce resources to bail out the rich who borrow and don't pay back, is it not better to put the money in the hands of micro traders in the market?
google.com.ng/amp/s/www.thec…
If you doubt this loan, you and I can have a social experiment, I will look for two traders we can loan 10k each. I will track their finances and the value chain, If I am able to prove that they have created 100k wealth 3 months, you will give them 100k.
There are people who beg on celebs on Instagram for 5k here. If they have a mini business, they would not come back every week to beg for handout. The petty ugwu trader in oyingbo is richer than most of them who see 10k as nothing..
Let me tell you about a Suya seller in Ogba, by CCD supermarket, he makes about 100k daily, little opex, resumes 4pm, sells till 11pm. He makes over 1.5m monthly, he has empowered his brothers to start suya business in other parts of Lagos. They are richer than most of us..
