The Lagos state government has launched a N750 million Market Trader Money Grant initiative aimed at lifting more Lagosians out of poverty and empowering small businesses in the food system to scale. Governor Babajide Sanwo-Olu unveiled the initiative, emphasizing its role as a stop-gap measure to support small-scale traders in expanding their businesses and improving economic growth within the state.
The initiative targets 15,000 beneficiaries across various markets in Lagos, strategically chosen to facilitate sustainable livelihoods and business expansion within the state's economic pyramid and food distribution network. Each beneficiary will receive N50,000 to support their business endeavors.
The selection process involved collaboration between the state's agricultural field officers, local government and local council development area (LCDA) officials, as well as market leaders. Beneficiaries were carefully chosen from each LGA and LCDA, with additional selections from markets within barracks and military formations across the state.
To ensure fairness, beneficiaries were drawn from all geopolitical zones of the country, with women comprising 74 percent of the beneficiaries. This inclusivity underscores the initiative's commitment to social equity and empowerment.
The initiative was lauded by Abisola Olusanya, the commissioner for Agriculture, as part of the government's broader efforts to promote sustainable livelihoods and wealth creation for traders. It aligns with the state's commitment to developing the downstream segment of food and agricultural value chains, ultimately catalyzing increased food production and economic activity within and beyond Lagos.
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