FOOD POVERTY REDUCTION THROUGH THE TRADER AND MARKETMONI SCHEME OF NEW BENIN MARKET BENEFICIARIES IN BENIN CITY, EDO STATE, NIGERIA

Abstract

The rising food poverty problem occasioned by the food crisis and food inflation in the Nigerian federation which caused Nigeria to fall to 103 positions out of 121 in the 2022 Global Hunger Index (GDI) and the need to determine the efficacy of the Trader and Market Moni micro-credit scheme introduced by the former President Muhammadu Buhari on food poverty reduction of beneficiaries necessitated this study. The objective of the study was to determine how the Trader and MarketMoni micro-credit loan scheme worked to reduce food poverty among New Benin Market beneficiaries of Oredo Local Government Area, Benin City. The study utilised social welfare theory and the population of the study is the Trader and Market Moni beneficiaries in the aforementioned market. To have a deep knowledge of the subject matter of the research study. The paper reviewed relevant literature and utilised both qualitative and quantitative methods of data collection. Taro Yamni’s scientific approach was used to obtain an optimum sample size of 230 and 113 for Trader and market moni respectively. The hypotheses raised were tested with the Pearson Correlation statistical method. Findings showed that there is a positive correlation between the Trader and MarketMoni micro-credit loan scheme given the remarkable positive impact the microloan has on food poverty reduction of beneficiaries in the New Benin market over non-beneficiaries of the scheme. The Study concluded that the Trader and MarketMoni micro-credit loan scheme is efficacious in food poverty reduction of beneficiaries and recommended that the government should partner with market union executives in terms of disbursement and repayment, that the government should deepen all components of the National Social Investment Programmes for better performance given the remarkable impacts it has made so far among others.