RHI empowers 1,000 Lagos petty traders with N50 million grant

The Renewed Hope Initiative (RHI), an empowerment scheme sponsored by Senator Oluremi Tinubu, Nigeria’s First Lady, has given grants of N50,000 each to 1,000 petty traders in Lagos State.

The grants totalling N50 million, were distributed on Friday at the State House in Ikeja by Lagos First Lady, Dr. Ibijoke Sanwo-Olu, who represented Senator Tinubu at the event.

Designed to provide financial support for small and medium enterprises (SMEs), particularly petty traders, the initiative is aimed at enhancing the local economy.

In her message, Tinubu praised the resilience of women in petty trading, acknowledging the challenges they face in sustaining their businesses amid economic hardships.

“You are the heart of our local economies, the foundation of our communities, and the unsung heroes of our nation,” Tinubu said, commending the women for their perseverance in supporting their families.

The N50,000 grants are part of a broader national effort to assist petty traders, with Senator Tinubu’s initiative set to disburse N1.85 billion to 37,000 women across the 36 states and the Federal Capital Territory (FCT).

The grants are intended to help recipients recapitalise their businesses, expand operations, create jobs, and contribute more effectively to the Nigerian economy.

The First Lady emphasized the importance of economic empowerment, aligning the initiative with President Bola Ahmed Tinubu’s ongoing economic reforms.

“Empowering women is not just a moral obligation but a strategic one. When women thrive, their families thrive, and by extension, our communities and nation prosper,” she said.

Senator Tinubu also thanked RHI State Coordinators, First Ladies from across the country, and others who contributed to the success of the programme.

She urged the beneficiaries to invest the funds wisely and continue building their businesses, encouraging collective efforts to create a Nigeria where every woman has the opportunity to succeed.