Sanwo-Olu Launches Market Traders’ Money In Lagos

The Governor of Lagos State, Babajide Sanwo-Olu, has unveiled a Lagos Market/Trader Money program worth N750 million.

Sanwo-Olu announced the initiative aimed at assisting traders in the state and is a response to the current hardships being faced in the country during the commissioning of a Mid-Level Agro-produce Hub in Idi-Oro, Mushin over the weekend, CityNews understands.

While speaking at the event, Governor Sanwo-Olu announced that a minimum of 200 traders from markets across the 57 council areas in the state would benefit from this program. In the first phase alone, it is estimated that at least 15,000 individuals will have access to this financial support.

“The government has come up with an intervention for all market devised. The Market/Trader Money for 15,000,000 beneficiaries as a support. Each beneficiary will get N50,000 from the government,” the Lagos State governor noted.

The governor clarified that every local government would provide a list of 200 names. Additionally, it was mentioned that the Iyaloja and Babaloja would be allocated 50 slots in each market.

While stressing that markets in military formations would also benefit, Sanwo-Olu said, “This will be the first attempt. This is what the president is talking about. You can imagine somebody that is selling fruits; this will make her get more money and be able to sustain lives.”

The governor mentioned on the marketplace platform that the establishment on a 6,400 square meters plot of land had a sufficient parking area for cars and trucks.

Additionally, he said it featured centralized dry and cold storage systems, providing the market participants with the advantage of economies of scale to generate substantial profits.