First Lady Gives N1.85bn Business Recapitalisation Grant to 37,000 Female Traders Nationwide

.Flags off pet project’s economic scheme in Asaba with 1,000 beneficiaries

Deji Elumoye in Abuja

Wife of the President and Chairman of the Renewed Hope Initiative (RHI), Senator  Oluremi Tinubu on Thursday flagged off the Renewed Hope Initiative Economic Empowerment Programme with the disbursement of N50,000 business recapitalization grant to 37,000 female petty traders nationwide.

The RHI Economic Empowerment for 1,000 Women Petty Traders per state was held simultaneously in all the 36 state capitals and the Federal Capital Territory with each

beneficiary receiving N50,000.00 as business recapitalization grant.

According to a release issued by her Media Aide, Busola Kukoyi,  the First Lady flagged off disbursement of the grant in Asaba, Delta State capital where 1000 petty traders benefited from the scheme.

As one of the interventions under the economic empowerment program of RHI, the grant, Mrs Tinubu said, is targeted at helping petty traders overcome some of their business challenges, create more jobs and expand the contributions of the informal sector to the national economy.

According to her: “As we are all aware of the challenges faced by Small and Medium Enterprises (SMEs), especially the petty traders, who form the backbone of our local economies, these challenges, however, have not deterred the strength of our women. I salute you all and celebrate your courage and resilience that keep you going, to put food on the table for your families.

“Today, through the Renewed Hope InitiativeEconomic Empowerment Programme, we are providing 1,000 pre-selected women petty traders per state with a grant of N50,000 each to recapitalize and grow their businesses. A total of One Billion, Eight Hundred and Fifty Million Naira (N1,850,000,000.00) will be disbursed to 37,000 women petty traders across the nation.”

While identifying economic empowerment as a core objective which the Renewed Hope Initiative  have consistently delivered on for both women and youth across the six  geopolitical zones of Nigeria to support the economic reforms of the administration of President Bola Tinubu, the First Lady noted that empowering women economically is not just a moral imperative but a strategic one.

Her words: “We recognize that empowering women economically is not just a moral imperative but a strategic one. When women thrive, their families thrive, and by extension, our communities and nation prosper. We recognize that empowering women economically is not just a moral imperative but a strategic one. When women thrive, their families thrive, and by extension, our communities and nation prosper”.

“To the 1000 women petty traders who are the beneficiaries of this programme, I say, You are the heart of our local economies, the foundation of our communities, and the unsung heroes of our nation. You have shown incredible resilience in overcoming countless challenges to build your businesses. Today, we celebrate your hard work and determination”.

Applauding the intervention of Mrs Tinubu and for choosing the state for the flag off of the grant, Delta State Governor, Sherriff Oborevwori, represented by his wife, Tobore Oborevwori announced the donation of an additional N50,000.00 grant by his administration to further empower the beneficiaries.

He noted that the First Lady has demonstrated true motherhood by the various contributions of her Initiative, RHI especially in the areas of Agriculture,  Education, Economic Empowerment and Social Investment.