Lagos State Governor Babajide Sanwo-Olu, on Sunday, launched a fresh palliative scheme for low-income traders across local markets in the state, as part of measures being taken to cushion the effect of the current economic realities.
The governor rolled out Lagos Market Trader Money, which, in the first phase, will provide N50,000 business support grants to 15,000 struggling traders across the 57 local government areas of the state.
Sanwo-Olu announced the scheme in Idi-Oro, Mushin, where he led the Deputy Governor, Dr. Obafemi Hamzat, and cabinet members, to commission a newly constructed middle-level Fresh Food Agro hub built by the state government to sustain food supply chain.
The governor said market leaders in each council had been asked to nominate 200 each in community markets in all the councils, with the list cutting across small markets. Disbursement of funds to beneficiaries, he said, would begin today, with Ministry of Agriculture coordinating the payment.
“As part of the measures to cushion the effect of the current economic realities, we have come up with an intervention for all low-income market women and men struggling to sustain their micro and small businesses in this period. Today, we are launching Lagos Market Trader Money, which is a palliative measure to support traders in our local markets.
“The first 15,000 beneficiaries will be getting a support of N50,000 from the state government. Traders in big markets are excluded from this scheme. Leaders of community markets across 57 local councils will submit 200 names each that must be divided among 10 markets in each domain. Beyond this, the Iyaloja and Babaloja (market leaders) will personally select additional 50 beneficiaries each,” he said.
The scheme, Sanwo-Olu said, will be extended to markets in military and police barracks, which would provide 750 beneficiaries of the support grant.
The governor said inauguration of the middle-level Fresh Food Agro Market in Mushin was another milestone achieved by his administration towards realising food security objectives.
He stressed that the facility, which is the first in the state, heralded a turning point in Lagos food distribution system and modernisation of existing markets.
The Sanwo-Olu administration, in 2021, initiated a roadmap for a coordinated food security and distribution network in Lagos, embarking on the construction of Food Security Systems and Central Logistics Park in Ketu-Ereyun, Epe. This central hub will serve middle-level markets across the local government areas.
The state government has a plan to build 50 middle-level agro hubs, with the governor disclosing that plans were underway to construct three of such markets in Agege, Ajah and Abule Ado.
Sanwo-Olu said his administration adopted food system transformation initiative as a measure to improve existing market system in Lagos, which, he said, was inundated by wastages, post-harvest losses, traffic congestion and logistical inefficiencies that regularly resulted in loss of over 50 per cent of perishable agricultural produce.
