Oba Rilwan Akiolu, the Oba of Lagos and Chief Folasade Tinubu-Ojo, the Iya Oloja General, have commended the Lagos State government on the disbursement of N750 million Lagos Market Trader Money initiative.
They gave the commendation at the inauguration of the scheme for 15,000 market men and women on Wednesday at Agidingbi, Ikeja.
The governor had on Dec. 18, 2023 announced a N750 million financial intervention scheme for Lagos traders tagged ‘Lagos Trader Money.’
Under the scheme, 15,000 traders across the local government areas of the state – 200 from each LGA – received N50,000 each to boost their businesses.
The governor announced the scheme during the unveiling of the Mid-level Agro-Produce Hub at Idi-Oro in the Mushin area of the state.
Akiolu, who was represented by Chief Lateef Aderibigbe, the Ajose Opeluwa of Lagos, urged the traders to utilise the cash received judiciously.
The traditional ruler also urged the traders to invest the money in ventures that would yield more profit and bring down the prices of foodstuffs.
In her remarks, Tinubu-Ojo also commended the state governor for the initiative, which she said would improve the livelihood of traders in the state.
She urged the traders to make use of the money appropriately, saying, “I want to appreciate the governor for the launch of the market trader money.
“I want to encourage our people to use the money that will be given to us judiciously.
“It is not for ‘Aso-ebi,’ it is to improve and to expand our small scale businesses such as food stuff and agricultural commodities with the aim of reducing cost of commodities.
“The money is enough to establish small business, it is not for merry making.
“If the money is well used, it will grow and and become bigger and you will be able to fend for your family. Don’t spend it recklessly.”
Earlier, Ms Abisola Olusanya, the State Commissioner for Agriculture, said the initiative was part of government’s efforts toward ensuring sustainable livelihoods and wealth creation for traders across the state.
“This initiative was part of the state government’s commitment to the development of the downstream segment of food and agricultural value chains which centres on markets and market access.
“This is due to the fact that Lagos is the largest market city state in sub-Saharan Africa.
“At the commissioning of the Mid-level agro food hub at Idi-Oro Mushin on Dec. 18, 2023, Mr Governor had announced his plans for a more inclusive social-welfare framework for market actors with the first of it being the Lagos Market trader money initiative,” she said.
According to her, the first phase of it was the distribution of N50,000 to 15,000 market men and women across the 57 local government and LCDA and from within the military and police barracks.
“The support that will be extended today is targeted at expanding the capacity of the beneficiaries to off-take more produce from our farmers thereby catalysing increased food production in and outside the state.
“This initiative is jointly implemented by the ministry of agriculture and local governments, in collaboration with market leaders across all the 57 LGAs and LCDAs.
“This is only the first of many to be launched by Mr. Governor toward helping to shoulder the burdens of the citizenry, ranging from food, health, education to transportation.
“It is our hope that individually and collectively, we all rise to the demands of the times to be our brother’s keeper,” she said.
Mr Alabi David, the Chairman, Lagos State Conference 57, said the committee of chairmen would collaborate with the state government on more programmes for traders.
“We thanked the governor for the initiative to help our people at the local government level.
“I want to assure the governor that all local government chairmen will collaborate with the state government to initiate more programmes that would impact the lives of residents,” he said.
