Lagos State Governor Babajide Sanwo-Olu has launched a fresh palliative scheme, ‘Lagos Market Trader Money’ for low-income traders across local markets in the State.
The initiative which is part of measures to cushion the effects of the current economic realities, is expected to provide N50,000 business support grants to 15,000 struggling traders across the 57 Local Government Areas of the State in the first phase.
Sanwo-Olu announced the scheme at Idi-Oro, Mushin, during the inauguration of a newly constructed middle-level Fresh Food Agro hub built by the state government to sustain food supply chain.
According to the governor, market leaders in each council had been asked to nominate 200 traders in each community markets across the councils, with the list cutting across small markets; as disbursement of funds to beneficiaries begins today, Monday with the Ministry of Agriculture coordinating.
“As part of 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. The first 15,000 beneficiaries will get a support of N50,000 from the State Government.
While traders in big markets have been excluded from the scheme, the governor disclosed that the gesture would be extended to markets in military and police barracks, which would provide 750 beneficiaries of the support grant.
Commenting on the commissioning of the middle-level Fresh Food Agro Market in Mushin, Governor Sanwo-Olu said 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 had 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. The central hub will serve middle-level markets across the Local Government Areas.
The State Government plans to build 50 middle-level agro hubs. The governor revealed that plans are underway to construct three of such markets in Agege, Ajah and Abule Ado.
He described the food system transformation initiative as a strategy to enhance the current market system in Lagos.
This initiative, he said, aims to address challenges such as wastages, post-harvest losses, traffic congestion, and logistical inefficiencies, which often lead to the loss of more than 50percent of perishable agricultural produce.
Commissioner for Agriculture, Ms. Abisola Olusanya highlighted that the middle-level Fresh Food market prioritizes efficient storage of both wet and dry food to reduce losses and waste.
She emphasized that the facility has successfully addressed the unsanitary display of food items by traders. Additionally, it provides consumers with the opportunity to leverage economies of scale, enabling them to purchase large quantities of fresh farm produce at affordable prices.
