A total of 1,000 petty traders in Oyo State received N50,000 each on Friday under the Renewed Hope Initiative Economic Empowerment Programme, led by the wife of the President, Oluremi Tinubu.
The Oyo State Commissioner for Health, Dr. Oluwaserimi Ajetunmobi, symbolically handed over cheques to the beneficiaries on behalf of Mrs. Tinubu and the wife of the state governor, Mrs. Tamunominini Makinde, at an event held at the office of the Oyo governor’s wife in Agodi, Ibadan.
Speaking at the event, Mrs. Tinubu explained that the recapitalization grants for 1,000 women petty traders in each of the 36 states and the FCT were designed to help the beneficiaries expand their businesses and overcome challenges they face. She added that the initiative also aims to create jobs, drive economic growth, and support the economic reforms of President Tinubu.
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Mrs. Tinubu emphasized that the federal government understands that women involved in Small and Medium Scale Enterprises (SMEs) are the backbone of the economy, highlighting the importance of empowering them. She further applauded the resilience of women in providing for their families, stressing that women’s success is critical for economies to thrive.
A total of N1.85 billion is set to be distributed to 37,000 women across the 36 states and the Federal Capital Territory (FCT).
Also speaking at the event, the Director of the Ministry of Women Affairs, Mr. Kunle Oke, urged the beneficiaries to use the funds to boost their businesses. He noted that empowering women would have a multiplier effect by alleviating hardships faced by families and society at large.
One of the beneficiaries, Balogun Oluwatoyin, expressed that the N50,000 was essential for boosting their businesses, noting that many of them rely on loans to keep their businesses going.
Balogun said, “We rely on loans for our businesses. The N50,000 will help boost our businesses. The N50,000 means a lot, as many of us run our businesses with just N20,000 as capital. We rely heavily on loans, which, of course, we have to pay back, and this makes our profit margins minimal.
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