1,075 nano businesses receive UNDP cash grant in Lagos

Lagos State Ministry of Economic Planning and Budget, through its Social Protection Coordinating Department, has helped in the disbursement of N100,000.00 (one hundred thousand naira) cash grant to each of some nano and petty traders in the state,” representing N107,000,000.00 injected into the state as Foreign Direct Inflow (FDI) by UNDP.”

A nano business, the United Nations Development Programme (UNDP), is a very small-scale enterprise typically run by one person with minimal resources and limited capital investment.

The State Commissioner for Economic Planning and Budget, Mr Ope George, made this known at a press briefing, saying that the disbursement, which commenced on the 11th of April 2024, was in tandem with the Governor Babajide Sanwo-Olu THEMES Plus Agenda.

The commissioner averred that the intervention, with beneficiaries cutting across the 57 Local Governments (LGs) and Local Council Development Areas (LCDAs), was aimed at providing improved working capital and business support to Nano and petty traders who were on the register of the Social Protection Policy in the state.

“The sum of N100,000:00 each has been issued directly to households’ bank accounts, representing N107,000,000.00 injected into the state as Foreign Direct Inflow (FDI) by UNDP with resultant effect on consumption smoothing and inclusive economic growth.

“According to the Data available, the spread of the beneficiaries are Agege 48, Ajeromi-Ifelodun 52, Alimosho 53, Amuwo-Odofin 41, Apapa 71, Badagry 60, Epe 66, Eti-Osa 64, Ibeju-Lekki 67 and Ifako-Ijaye 42.

“Others are Ikeja 59, Ikorodu 58, Kosofe, 45, Lagos Island 52, Lagos Mainland 59, Mushin 44, Ojo 60, Oshodi-Isolo 51, Shomolu 52 and Surulere 31,” George said.

He thanked the UNDP for the gesture on behalf of the state government, promising to work with the organisation in uplifting poor and vulnerable households on the Lagos State Social Register.

The commissioner assured that the funds would help the concerned in addressing the effect of the recent socio-economic shocks in the country and the state in particular, urging all beneficiaries to utilise the funds appropriately and judiciously.

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