Lagos Flags Off Distribution Of N750m To Market Traders


The Lagos State Governor, Mr. Babajide Sanwo-Olu has flagged off the distribution of N750 Million to 15,000 market traders as cash support with each beneficiary receiving N50,000 under the ‘Lagos Market Trader Money’,

In his address on Wednesday, Sanwo-Olu said the initiative was designed as a stop-gap measure to empower small-scale traders in the Food Systems.

The Governor, while acknowledging the current economic hardship in the country, said the activation of such financial support would go a long way to improve the lives of the citizens and traders who occupy strategic positions in the State’s food distribution network.

Sanwo-Olu stated that Lagos State is aware of its growing population, which is now in the region of 24 million, and as such has been implementing key projects to promote the preservation, storage, transportation and presentation of wholesome food to the populace, to reduce food waste and guarantee food safety.

He said the beneficiaries were identified through a process aided by the Agricultural Field Officers that partnered with market masters of each Local Government and Local Council Development Area across the State.


In his words, “Today’s event, which flags off the implementation of the Lagos Market Trader Money will support 15,000 market Traders with a sum of N50,000.00 each. The beneficiaries were selected through a methodical process targeted at 200 beneficiaries from markets in each LGA/LCDA 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 and this brings the total number of beneficiaries to 15,000. To ensure social inclusiveness in the implementation of the initiative, 74% of the beneficiaries are women while the remaining 26% are men, 33.7% of these are below 40 years while 66.3% are above 40 years”, he noted.

He added that the geopolitical zones of Nigeria were also considered during the selection process with 11,039 beneficiaries selected from the Southwest, 914 from the South East, 868 taken from the South-South, North Central got 1,710, 373 from the Northwest and 107 captured from the North East.

The Governor, who urged the beneficiaries to make the best use of the grant in ways that will contribute to the economic development of the State, said the need to actualize the goal of transforming the Food systems in the State and stimulate economic activities in various food markets become imperative.

Earlier in her welcome address, the Commissioner for Agriculture, Ms. Abisola Olusanya said the initiative is one of the ways the Lagos State government under the leadership of Governor Babajide Sanwo-Olu plans to increase the wealth and well-being of Lagosians, particularly the men and women traders domiciled in Lagos State.

Olusanya explained that the initiative which is the first of its kind for traders by a Lagos State government is in line with the THEMES Plus agenda of the State Government to develop food production, processing and invariably crash food prices.

She said with the launch, the Governor has fulfilled his plans for a more inclusive social welfare framework for market actors beginning with the Lagos Market Trader money initiative.

The Commissioner said the cash support is targeted at expanding the capacity of the beneficiaries to off-take more produce from the farmers thereby catalysing increased food production in and outside the State.

In her goodwill message, the Iyaloja General of Nigeria, Mrs. Folashade Tinubu-Ojo appreciated and thanked the State Governor for convening such an initiative that would improve the well-being of the traders in the State.

She, however, urged them to use the money judiciously and for the purpose it was meant for, stressing that the cash support was meant to augment their business and can as well assist them start a small business that can thrive.

The beneficiaries who were elated by the gesture praised Mr. Governor for such an initiative aimed at providing succour to the indigent and vulnerable, particularly the traders who are struggling under the current economic challenges.