Governor Babajide Sanwo-Olu of Lagos State officially inaugurated the distribution of Market Traders Money on Wednesday, marking a significant step towards empowering small-scale traders in the food systems sector. This initiative, conceived as a short-term measure by the state government, aims to provide financial support to market traders, facilitating business expansion, and ultimately enhancing economic growth and the quality of life for many residents of the state.
Governor Sanwo-Olu emphasized that the program would ensure sustainable livelihoods and promote the expansion of businesses for 15,000 traders strategically positioned within the state’s economic pyramid and food distribution network. Each beneficiary is set to receive a sum of N50,000 as part of the Market Traders Money initiative.
The beneficiaries were meticulously identified through collaboration between Agricultural Field Officers stationed in each Local Government Area (LGA) or Local Council Development Area (LCDA) and the Iyaloja/Babaloja General, along with Market Masters. A systematic approach was employed, selecting 200 beneficiaries from markets in each LGA/LCDA, with an additional 50 beneficiaries chosen by the Iyaloja/Babaloja General in each area. Furthermore, 750 beneficiaries were identified from markets located within barracks and military formations across the state, in collaboration with the respective Iyaloja/Babaloja.
To ensure equity and inclusivity, beneficiaries were drawn from all geopolitical zones of Nigeria, with 11,039 from the Southwest, 914 from the Southeast, 868 from the South-South, 1,710 from the North Central, 373 from the Northwest, and 107 from the Northeast.
Ms. Abiola Olusanya, the state Commissioner of Agriculture, highlighted that the initiative is part of the government’s commitment to developing the downstream segment of food and agricultural value chains, particularly focusing on markets and market access. She emphasized that this program, jointly implemented by the Ministry of Agriculture and Local Governments, is just the first of many initiatives to be launched by Governor Sanwo-Olu, aimed at alleviating the burdens faced by residents, ranging from food security to healthcare, education, and transportation.
Olusanya expressed hope that individuals and communities will unite in solidarity to support each other during these challenging times, embodying the spirit of compassion and communal responsibility that characterizes Lagos State.
