First Lady Oluremi Tinubu has launched the latest phase of the Renewed Hope Initiative, offering a substantial boost to female petty traders across Nigeria with grants totaling N1.85 billion. On Thursday, she rolled out the economic empowerment programme, distributing N50,000 grants to women traders in all 36 state capitals and the Federal Capital Territory.
It was launched in Asaba, Delta State where 1,000 women received grants. According to Busola Kukoyi, the First Lady’s media aide, the programme marks a significant milestone for RHI with plans to reduce small traders’ economic difficulties and elevating their role in the economy of Nigeria, create more job opportunities and enhance the role of the informal sector in the national economy
Speaking at the launch, Mrs. Tinubu highlighted the importance of petty traders to Nigeria’s local economies.“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.”
She underscored the broader benefits of economic empowerment, stating, “Empowering women is not just a moral obligation but a strategic one. When women succeed, their families and communities prosper, contributing to the overall growth of our nation.”
Delta State Governor Sherriff Oborevwori, represented by his wife, Tobore Oborevwori, also supported the initiative with an additional N50,000 grant from the state government. He praised Mrs. Tinubu for her efforts through the Renewed Hope Initiative, noting the programme’s positive effects on various sectors including agriculture, education, and economic empowerment.
The latest programme of the Renewed Hope Initiative reflects the administration’s commitment to support and grow small businesses and encouraging economic resilience at the grassroots level.