Sanwo- Olu begins distribution of N750m to traders
LAGOS State Governor, Babajide Sanwo- Olu, yesterday, fulfilled his promise with the distribution of N50,000 each to 15,000 traders across the 20 local councils and 37 local council development areas ( LCDAS), totalling N750 million.
The governor flagged off the distribution of the money at the launch of the Lagos Market Traders Money in fulfilment of his promise during the commissioning of the Mid- Level Agro produce Hub, Idi- Oro, Mushin, on Sunday, December 17, 2023.
According to the governor, the initiative was conceptualised as a stop- gap measure of the state government to empower small- scale traders in the food systems by providing them financial support to expand their businesses thereby fostering economic growth and improving lives of many within the state.
Sanwo- Olu was optimistic that the gesture would ensure sustainable livelihoods and facilitate expansion of businesses for 15,000 traders that occupy a strategic position in the state's economic pyramid and food distribution network.
The governor said that the beneficiaries were selected through a methodical process targeted at 200 beneficiaries from markets in each local council and LCDA in addition to 50 beneficiaries that were selected by the Iyaloja/ Babaloja General in each council/ LCDA, making a total of 14,250 market traders.
In her welcome address, Commissioner for Agriculture, Abisola Olusanya, who applauded the governor for the initiative of the trader money and for fulfilling his promise, said that the initiative was part of the government's efforts towards ensuring sustainable livelihoods and wealth creation for traders across the state.
She said: "This initiative is part of the state government's commitment to the development of the downstream segment of food and agricultural value chains, which centres on markets and market access. This is due to the fact that Lagos is the largest market city- state in subSaharan Africa.
"This Initiative, jointly implemented by the Ministry of Agriculture and Local Governments, in collaboration with market leaders across all the 20 local councils and 37 LCDAS, is only the first of many to be launched by the governor towards helping to shoulder the burdens of the citizenry, ranging from food, health, education to transportation.”