Renewed Hope Initiative: Oyo Petty Traders Benefit from ₦1.85 Billion Grant from Nigeria's First Lady

 

In response to the impact of fuel subsidy removal on small businesses, Nigeria’s First Lady, Mrs. Oluremi Tinubu, has supported over 1,000 petty traders in Oyo State through the Renewed Hope Initiative. This program aims to aid Small and Medium Enterprises (SMEs) across all 36 states.

Speaking through Oyo State’s First Lady, Mrs. Tamunominini Makinde, Mrs. Tinubu announced that the federal government has allocated ₦1.85 billion to 37,000 female petty traders nationwide. This funding is intended to help them address financial difficulties, grow their businesses, create jobs, and boost the economy.

Mrs. Tinubu highlighted that empowering women economically is not only a moral obligation but also a strategic move, noting that when women succeed, their families, communities, and the nation benefit. She encouraged Nigerian women to support the current administration in building a nation where every woman can thrive and every business can prosper.

The Renewed Hope Initiative Economic Empowerment Programme will provide ₦50,000 grants to 1,000 pre-selected women petty traders per state to help them revitalize and expand their businesses. In total, ₦1.85 billion will be distributed to 37,000 women across the country.

These grants are designed to assist women petty traders in overcoming business challenges, expanding their enterprises, creating jobs, and making a stronger contribution to the economy. Economic empowerment is a key focus of the Renewed Hope Initiative, which aims to support women and youth across the six geopolitical zones as part of President Bola Ahmed Tinubu's economic reforms.

Mrs. Tinubu praised the RHI State Coordinators, State First Ladies, and others involved in implementing the program and selecting the traders. She acknowledged the beneficiaries' dedication and encouraged them to continue working together to create a Nigeria where every woman can succeed and every small business can grow and enhance national prosperity.

Oyo State’s Commissioner for Women Affairs and Social Inclusion, Mrs. Toyin Balogun, represented by Director of Women Affairs, Mr. Kunle Oke, praised the federal government for the initiative and urged beneficiaries to use the funds effectively to expand their businesses and contribute to the national economy.