Lagos Launches N750m Palliative Scheme For 15,000 Market Traders

Governor Babajide Sanwo-Olu of Lagos State has launched the N750 million Lagos Market Transfer Money programme aimed at supporting 15,000 market men and women across 20 Local Government Areas and 37 Local Council Development Areas in the state.
The initiative seeks to cushion the effect of the fuel subsidy removal, with each beneficiary receiving N50,000.
Speaking at the inauguration of the Fresh Food Agro-Hub in Idi-Oro Market, Mushin Local Government Area, Governor Sanwo-Olu noted the pivotal role the Fresh Food Agro-Hub will play in reducing post-harvest losses, traffic congestion, and carbon footprints in the region.
Sanwo-Olu detailed the distribution process, highlighting that each LGA would nominate 200 beneficiaries, and an additional 50 would be selected by market leaders – Iyalojas and Babalojas – across the state.
He said, “We are launching here today, what we call the Lagos Market Trader Money. As a measure of where we are, the first 15,000 market beneficiaries are going to be getting support of N50,000 from the government.
“How it is going to work is that we are not going to pick these beneficiaries from the big markets, each local government will submit 200 names that will be divided among 10 markets.
“This means that 10 markets will identify 20 beneficiaries each. We are going to give the Iyalojas and the Babalojas additional 50 slots for them to further identify beneficiaries.
“This is going to bring to a total of 250 beneficiaries from every local government and that will give us a total of 14,250.
“The balance of 750 we will identify other stakeholders, the markets that we have in barracks, in our military formation because they also have markets and they are our citizens and we need to take this type of intervention also to them.
We will distribute the remaining 750 amongst them and it will bring us all our beneficiaries.”
The governor assured that a comprehensive approach would include identifying beneficiaries from markets in barracks and military formations within the state.
He underscored the significance of this initiative, explaining how the financial aid could immensely benefit small traders. He highlighted that the additional funds could substantially boost their revenue and contribute to building sustainable livelihoods for their families.
Commissioner for Agriculture, Ms Abisola Olusanya, alongside LG chairmen, will oversee the logistical aspects of the programme to ensure seamless implementation. Sanwo-Olu also assured that the funds for the initiative were already in place and distribution would commence immediately, with beneficiaries expected to receive the financial aid before December 31st, 2023.
Expressing gratitude for the support, Alhaja Toyibat Borokini, the Iyaloja of Mushin market, thanked the government for responding to the traders’ appeals during previous meetings. She affirmed that the financial support would significantly enhance their businesses, expressing the market community’s commitment to utilizing the funds judiciously.
The governor urged the beneficiaries to make the best use of the financial aid, emphasizing the government’s commitment to ensuring the growth and prosperity of the trading community in Lagos State.