Food Security: Lagos Kicks Off ₦750 Million Grant For 15,000 Market Traders

News in Brief:
– Lagos launched a ₦750 million grant program, distributing ₦50,000 to 15,000 market traders across diverse demographics to stimulate business growth and support livelihoods.
– The programme aims to create a fairer and more sustainable trading environment.

The Lagos State Government launched the Lagos Market Trader Money initiative with the distribution of ₦50,000 grants to 15,000 traders across the state to boost businesses.

Lagos governor, Babajide Sanwo-Olu, stressed the initiative’s commitment to fairness and inclusivity. He said that beneficiaries were selected through a methodical process representing all 57 local government areas and diverse demographics.

The governor further revealed that the selection process, which beneficiaries from across all the geopolitical zones of the nation, but are all Lagos residents, was to ‘ensure fairness’.

Additionally, he disclosed that about 74% of the beneficiaries were women and 33.7% of that number, were under 40 years old. The governor highlighted the significance of this ratio as exemplifying social inclusiveness.

Elaborating further, the state’s Commissioner for Agriculture, Abisola Olusanya, described the program as part of the government’s efforts towards ensuring sustainable livelihoods and wealth creation for traders across the state.

The financing initiative aligns with the Lagos state government’s broader goals of supporting small businesses and boosting the state’s economy. It also represents a significant investment in empowering market traders, a crucial sector in Lagos’s economic landscape.