Business & Economy News

Sanwo-Olu to Commence payment of N750 Million to Lagos Traders on Feb 14  

The Lagos State governor, Babajide Sanwo-Olu, is set to launch  ‘Lagos Market Trader Money,’ a N750 million financial intervention aimed at supporting 15,000 beneficiaries. 

Abisola Olusanya, Lagos State’s Commissioner for Agriculture, made this announcement during a hygiene sensitization event attended by 500 market traders from Ikeja and Oshodi Local Government Areas.

The event took place on Saturday at the Lagos Fresh Food Hub in Idi-Oro, Mushin. 

According to Olusanya, the commencement ceremony offered the governor a platform to express his care for the market community on Valentine’s Day. 

  • “By Wednesday, Valentine’s Day, Mr governor is going to be showing love to market traders, men and women in Lagos. 
  • “He promised them N50,000 per beneficiary for 15, 000 people for the Lagos Market Trader Monei; he is going to be launching it on that day. 
  • “It is part of his show of love to say we hear you, we hear your cry, we are all in this together and we will come out of this better and stronger,” she said. 

What you should know 

  • Earlier, Nairametrics reported Governor Babajide Sanwo-Olu announced an N750 million financial intervention scheme for Lagos traders tagged ‘Lagos Trader Money.’ 
  • As part of the initiative, 15,000 traders spanning all local government areas within the state, with 200 from each LGA, were granted N50,000 each to enhance their businesses. 
  • The governor announced the scheme during the unveiling of the Mid-level agro-product hub at Idi-Oro in the Mushin area of the state. 
  • He said the Commissioner for Agriculture and the local government chairmen in the state would meet to map out the modalities for the disbursement of the fund. 
  • The governor said: 
  • “The Lagos Market Trader Money in its first phase will provide N50,000 business grants to 15,000 traders across our 57 local councils. This initiative aims to cushion the impact of economic challenges and empower small businesses. 
  • “I made this announcement at the commissioning of the middle-level Fresh Food Agro Hub in Mushin, expanding our food supply chain. This milestone facility signifies a turning point in Lagos’ food distribution system, paving the way for improved logistics and modernization of our markets.” 

Source: Nairametrics

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