Kunle Adelabu
Lagos State Governor Babajide Sanwo-Olu, on Sunday, launched a palliative scheme for 15, 000 traders across markets in the State, as part of measures being taken to cushion the effect of the current economic challenges.
The Governor announced the initiative at Idi – Oro Mushin during the commission a newly constructed middle-level Fresh Food Agro hub built by the State Government to sustain food supply chain.
According to the Governor, the first phase, will provide N50, 000 each as business support to 15, 000 traders totaling N750 million across the 57 Local Government Areas and Local Council Development Areas (LCDAs) of the State.
Sanwo – Olu at the event directed the Honourable Commissioner for Agriculture, Ms. Bisola Olusanya, to develop the modalities in conjunction with the council chairmen and ensure that the grants are rolled out this year.
Each council is expected to provide 200 beneficiaries each. The Governor also allocated 50 slots each to market leaders in each of the 57 councils.
“As part of the measures to cushion the effect of the current economic realities, we have come up with an intervention for all low-income market women and men struggling to sustain their micro and small businesses in this period”, he said.
“Today, we are launching Lagos Market Trader Money, which is a palliative measure to support traders in our local markets.
“The first 15,000 beneficiaries will be getting a support of N50,000 each from the State Government. Traders in big markets are excluded from this scheme. Leaders of community markets across 57 local councils will submit 200 names each that must be divided among 10 markets in each domain.
“Beyond this, the Iyaloja and Babaloja (market leaders) will personally select additional 50 beneficiaries each.”
The scheme, Sanwo-Olu said, will be extended to markets in military and police barracks, which would provide 750 beneficiaries of the support grant.
