As part of efforts to mitigate the impacts of fuel subsidy removal on small businesses, Nigeria’s First Lady, Mrs. Oluremi Tinubu, has empowered over 1,000 petty traders in Oyo State through The Renewed Hope Initiative. The program aims to support Small and Medium Enterprises (SMEs) across the 36 states.
In her address, represented by Oyo State’s First Lady, Mrs. Tamunominini Makinde, Mrs. Tinubu announced that the federal government has allocated ₦1.85 billion to 37,000 women-petty traders nationwide. The funding will help them overcome financial challenges, expand their businesses, create jobs, and contribute significantly to the economy.
Mrs. Tinubu emphasized that empowering women economically is not just a moral imperative but strategic, stating that when women thrive, their families, communities, and nation prosper. She urged Nigerian women to support the present administration in building a nation where every woman has the opportunity to succeed and every business can grow and contribute to national prosperity.
Through the Renewed Hope Initiative Economic Empowerment Programme, 1,000 pre-selected women petty traders per state will receive a grant of ₦50,000 each to recapitalize and grow their businesses. A total of ₦1.85 billion will be disbursed to 37,000 women petty traders across the nation.
The grants aim to assist women petty traders in overcoming business challenges, expanding their businesses, creating more jobs, and contributing more robustly to the economy. Economic empowerment remains a core objective of the Renewed Hope Initiative, which has consistently delivered on this promise for both women and youth across the six geopolitical zones to support the economic reforms of the administration of President Bola Ahmed Tinubu.
Mrs. Tinubu commended the RHI State Coordinators, First Ladies of States, and everyone involved in making the program a reality, particularly in identifying the traders. She celebrated the beneficiaries’ hard work and determination, urging them to continue working together to build a Nigeria where every woman has the opportunity to succeed, and every small business can grow and contribute to national prosperity.
Oyo State’s Commissioner for Women Affairs and Social Inclusion, Mrs. Toyin Balogun, represented by Director of Women Affairs, Mr. Kunle Oke, commended the federal government for the initiative and urged beneficiaries to utilize the funds wisely to expand their businesses and boost the national economy.
