Palliatives: Lagos LG grants ₦50,000 each to 3,000 artisans, traders to boost businesses

Lagos LG grants ₦50,000 each to 3,000 artisans, traders

News Agency Of Nigeria

September 5, 2023 9:41 PM

Only residents with established businesses operating within the council area were considered eligible for this financial support.

Counting ₦50,000 Naira [Bloomberg]

Aiming to alleviate the impact of fuel subsidy removal on local residents, Olufemi Okeowo, Chairman of Ifelodun Local Council Development Area (LCDA), distributed ₦50,000 each to 3,000 artisans and traders in the region.

This financial assistance was disbursed at the council secretariat and marks a significant effort by the council to support its entrepreneurial community.

Chairman Okeowo introduced the cash grant program, known as "Okemoney," with the primary objective of fostering the growth and expansion of local businesses. He expressed that the initiative was designed to offer vital aid to the residents, particularly those engaged in various trades, during these challenging times.

"This ₦50,000 cash grant, Okemoney, is designed to help 3,000 petty traders and artisans to grow and expand their businesses," Chairman Okeowo announced. "The initiative is to support and protect our people, especially those in business, at this difficult period. It is aimed at addressing the funding challenges faced by our traders and artisans."

The beneficiaries were meticulously selected from all seven wards within the council area, encompassing individuals involved in foodstuff sales, painting, barbering, and cobbling businesses. Notably, only residents with established businesses operating within the council area were considered eligible for this financial support.

Furthermore, Chairman Okeowo disclosed that the program was intended to run until 2025, ensuring sustained assistance to the local entrepreneurial community. To facilitate the equitable distribution of the monthly cash support, a dedicated committee has been established to identify and assist the most deserving residents.

News Agency Of Nigeria