Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, commenced the distribution of N50,000 each to 15,000 traders across the 57 local councils and local council development areas in Lagos, totaling N750m.
The governor flagged off the distribution of the money at the launch of the Lagos Market Traders Money, in fulfillment of his promise at the commissioning of the Mid-Level Agro produce Hub, Idi-Oro, Mushin on Sunday, December 17, 2023.
According to the governor, the initiative was to empower small-scale traders in the Food Systems by providing them financial support to expand their businesses thereby fostering economic growth and improving the lives of many within the state.
Sanwo-Olu was optimistic that the gesture would ensure sustainable livelihoods and facilitate business expansion for 15,000 traders who occupy a strategic position in the State’s economic pyramid and food distribution network.
The governor said the state with over 24 million population has a food system transaction value of over six trillion Naira annually.
Sanwo-Olu noted the system will reduce food waste, improve affordability, guarantee food safety, quality and accessibility.
“This initiative led to the implementation of key projects such as the establishment of the Lagos Central Food Security System and Logistics Hub, Ketu-Ereyun, Epe and the Mid-Level Agro Produce Hub, Idi-Oro, Mushin,” Sanwo-Olu said.
“As a mark of our resolve to follow through with the Agenda, work has commenced on three additional Mid-Level Agro-Produce Hubs at Sangotedo, Agege, and Abule-Ado, while the first phase of the Lagos Central Food Security System and Logistics Hub will be commissioned by December, 2024.
“The beneficiaries were identified by our Agricultural Field Officers serving each LGA/LCDA in collaboration with the Iyaloja/Babaloja General and Market Masters of each Local Government/Local Council Development Area across the state.”
The governor said that the beneficiaries were selected through a methodical process targeted at 200 beneficiaries from markets in each local council and LCDA.
He stated that this is in addition to 50 beneficiaries that were selected by the Iyaloja/Babaloja General in each LGA/LCDA making a total of 14,250 market traders.
“Also, 750 beneficiaries were identified from markets within the Barracks and Military formations across the State in collaboration with their respective Iyaloja/Babaloja. This brings the total number of beneficiaries to 15,000.”
