Lagos Begins N750m ‘Trader Money’ Payment

The Lagos State Government, on Wednesday, flagged off the Lagos Market Trader Money Initiative to give N50,000 cash to each of 15, 000 traders in the state to boost their businesses.

Governor Babajide Sanwo-Olu, while unveiling the programme at LTV8, Agidingbi, Ikeja, said the beneficiaries were selected through a methodical process.

The governor said 200 of the beneficiaries were selected from markets in each of the 57 local government areas and local council development areas.

He said 50 beneficiaries were selected by the Iyaloja/Babaloja General in each LGA/LCDA making a total of 14,250 traders.

“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.

“To ensure fairness in the selection process while demonstrating the spirit of Lagos as being home to all, the beneficiaries were drawn from across all the geopolitical zones of the nation with 11,039 from the South-West, 914 from the South-East, 868 from the South-South, 1,710 from North-Central, 373 from the North-West and 107 from the North-East,” Sanwo-Olu said.

He added that 74 per cent of the beneficiaries were women while the remaining 26 per cent were men.

He said 33.7 per cent of them are below 40 years while 66.3 per cent are above 40 years.

The Commissioner for Agriculture, Abisola Olusanya, explained that: “This initiative is part of the government’s efforts towards ensuring sustainable livelihoods and wealth creation for traders across the state.”