FG Begins Disbursement Of N50,000 Renewed Hope Initiative To Petty Traders
The Federal Government of Nigeria has kicked off the Renewed Hope Initiative (RHI) Economic Empowerment Programme, targeting women petty traders across the country.
This scheme was launched on August 22 with the disbursement of a 50,000 Naira business recapitalization grant to 37,000 beneficiaries, a nationwide effort aimed at revitalizing small-scale businesses.
The official launch of this initiative was led by the First Lady, Mrs. Oluremi Tinubu, in Asaba, Delta State, where 1,000 petty traders—primarily women— benefited from this empowering scheme.
Mrs. Tinubu, addressing the beneficiaries, highlighted the significance of this intervention, which forms a crucial part of the RHI’s broader economic empowerment agenda.
She emphasized that the grant is designed to not only address the myriad challenges faced by petty traders but also to stimulate job creation and bolster the informal sector’s contribution to the national economy.
“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,” she remarked.
“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.”
She continued, “Today, through the Renewed Hope Initiative Economic 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.
Renewed Hope Initiative Objective
Economic empowerment has long been a cornerstone of the Renewed Hope Initiative, which has consistently delivered on its promises to both women and youth across Nigeria’s six geopolitical zones.
This support aligns seamlessly with President Bola Tinubu’s administration’s broader economic reforms.
Addressing the 1,000 women petty traders who are the first to benefit from this programme, the First Lady said, “We recognize that empowering women economically is not just a moral imperative but a strategic one. When women thrive, their families thrive, and by extension, our communities and nation prosper.
“To the 1000 women petty traders who are the beneficiaries of this programme, I say, You are the heart of our local economies, the foundation of our communities, and the unsung heroes of our nation.”
In a show of solidarity, Delta State Governor, Sheriff Oborevwori, represented by his wife, Tobore Oborevwori, lauded the First Lady’s intervention and her decision to kick off the grant disbursement in Delta State.
The governor also announced an additional N50,000 grant from his administration to further empower the beneficiaries.
Oborevwori praised Mrs. Tinubu’s RHI, recognizing its impactful contributions in Agriculture, Education, Economic Empowerment, and Social Investment.
The Renewed Hope Initiative (RHI) Economic Empowerment for 1,000 Women Petty Traders per State is being rolled out simultaneously across the nation.
Each beneficiary will receive N50,000.00 as a business recapitalization grant, a testament to the First Lady’s commitment to uplifting the most vulnerable sectors of society.
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