In a bid to empower local traders and stimulate economic growth, the Lagos State Governor, Mr Babajide Sanwo-Olu, announced a financial intervention scheme titled ‘Lagos Trader Money’ on Sunday. Valued at N750 million, the initiative aims to provide a financial boost to 15,000 traders across all local government areas in the state.
Each of the selected beneficiaries, numbering 200 from every Local Government Area, is set to receive N50,000 to enhance their businesses in the trader money project. Governor Sanwo-Olu revealed the scheme during the unveiling of the Mid-level Agro-Produce Hub at Idi-Oro, located in the Mushin area of the state.
Governor Sanwo-Olu emphasized the urgency of the intervention.
He said, “The government has come up with an intervention for all market men and women. The Market/Trader Money is for 15,000 beneficiaries as support. Each beneficiary will get N50,000 from the government. Each local government will submit 200 names.”
“We will give them the money. The Commissioner for Agriculture and local government chairmen will sit together to work on the logistics. It is something that must start tomorrow (Monday). We want to ensure that we disburse the funds before the end of this week. We don’t want to get into the new year and begin to tell stories.
“The funds have already been made available. And we know that this scheme will give our people, your people, more money to boost their trade,” the governor said.
Commenting on the scheme’s scalability, Commissioner for Information and Strategy, Mr Gbenga Omotoso, stated that the number of beneficiaries might increase over time.
Governor Sanwo-Olu also addressed the newly launched mid-level agro-produce hub, a project aligned with the government’s Food System Transformation Agenda. The governor underscored the need to revamp the existing system, plagued by wastage, post-harvest losses, traffic congestion, and other inefficiencies causing a significant loss of agricultural produce.
“This transformation journey is hinged on our five-year Agricultural and Food Systems Roadmap (2021-2026), which reflects our passionate commitment to boosting food production, processing, and marketing,” Governor Sanwo-Olu explained.
Highlighting the government’s commitment to the food system transformation agenda, he mentioned the ongoing construction of the Central Logistics Hub at Ketu-Ereyun, Epe, and plans for additional mid-level agro-produce hubs at the Agege, Ajah, and Abule-Ado axes of the state. The ambitious plan aims to construct 50 mid-level agro-produce hubs across Lagos, marking a strategic step toward enhancing food production, processing, and distribution in the region.