Agriculture

FG Announces Date to Commence N750 Million Trader Money Disbursement Fund

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FG Announces Date to Commence N750 Million Trader Money Disbursement Fund

In a significant move set to make a tangible impact on local economies, the much-anticipated N750 million Lagos Trader Money disbursement is on the horizon. Governor Babajide Sanwo-Olu’s commitment to supporting 15,000 traders across 20 local government areas and 37 local council development areas is about to materialize, with each beneficiary slated to receive a substantial N50,000 from the government.

Commissioner for Agriculture, Ms Abisola Olusanya, shed light on this transformative initiative during the Lagos Food Systems’ Champions Sensitisation for Market Women. The announcement follows the governor’s revelation of the financial intervention during the unveiling of the Mid-level Agro-Produce Hub at Idi-Oro, Mushin, in December 2023.

The slated disbursement, scheduled to kick off this month, marks a strategic effort to bolster economic activities at the grassroots level. The infusion of funds aims to empower traders, fostering financial resilience and promoting sustainable livelihoods.

READ ALSO: FG Launches N500,000 Cash Grants for Artisans and Trainees – Apply Now!

Furthermore, Commissioner Olusanya outlined an ambitious plan to establish additional food hubs across the state. Beyond economic benefits, these hubs are envisaged to serve as catalysts for employment generation, particularly for women, while concurrently empowering small farms. The initiative aligns with the broader goal of controlling waste and fortifying food security by invigorating the agricultural sector.

“The development of agri-food hubs will also boost the export potential of agricultural products,” emphasized Olusanya, highlighting the government’s proactive measures to collaborate with local councils in expanding packaging facilities. This strategic move is poised to ensure product quality, open up new markets, and fortify the sector’s sustained growth.

Proposed Fresh Food Agro-Hubs for Agege and Ajah, coupled with the Central Food Security Systems and Logistics Hub, are integral components of this comprehensive approach. Beyond increasing agricultural output, these hubs are expected to act as transformative agents, uplifting the livelihoods of farmers and contributing to the overall prosperity of the wider community.

In summary, the forthcoming disbursement not only signifies a significant financial injection into local markets but also underscores the government’s commitment to fostering a resilient and thriving agricultural ecosystem in Lagos State.

Source: Punch News

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