Petty Traders, Backbone of Nigeria’s Local Economy – Remi Tinubu

• First Lady Oluremi Tinubu emphasizes the crucial role of women petty traders in sustaining Nigeria’s local economy
• The Renewed Hope Initiative aims to empower 1,000 women petty traders in each state with N50,000 grants to recapitalize their businesses

The First Lady of Nigeria, Sen. Oluremi Tinubu, has highlighted the crucial role that Small and Medium Enterprises (SMEs), particularly women petty traders, play in sustaining Nigeria’s local economy. This statement was made during the launch of the Renewed Hope Initiative (RHI) economic empowerment program in Awka, the capital of Anambra State. The First Lady was represented at the event by Dr. Nonye Soludo, the wife of the Anambra State Governor.

Oluremi Tinubu emphasized that economically empowering women is a strategic move to help them overcome business challenges and to support the expansion of their enterprises, ultimately leading to job creation and broader economic growth. The RHI Economic Empowerment Program, inaugurated on August 15, 2024, aims to provide recapitalization grants to 1,000 women petty traders in Nigeria’s 36 states and the Federal Capital Territory (FCT).

“Economic empowerment remains a core objective of the RHI to support the economic reforms of the administration of President Bola Ahmed Tinubu,” said the First Lady. She further elaborated on the program’s significance, stating, “The empowerment of 1,000 women petty traders across the nation is part of our continued commitment to drive economic growth towards a better life for families.”

She acknowledged the resilience of women traders despite the challenges they face and commended their efforts in sustaining their families. The program provides a grant of N50,000 to each pre-selected woman petty trader to help them recapitalize and expand their businesses.

“Women traders are the heart of our local economies. We celebrate your hard work and determination. When women thrive, their families thrive, and by extension, our communities and nation prosper,” she added.

During the event, the First Lady distributed the N50,000 recapitalization grants to the 1,000 women petty traders in Anambra State, urging them to utilize the funds effectively to grow their businesses and achieve self-reliance. She also encouraged the beneficiaries to continue praying for the success of the federal and state governments as they work to improve the lives of Nigerians.

One of the beneficiaries, Mrs. Nnaemeka Nwachukwu from Idemili South, expressed her gratitude to the First Lady and the wife of the Anambra State Governor for their focus on women’s welfare. “This money is coming at a time when we need it the most. It will surely go a long way to boost our trades and support our families,” she said.

The event also featured cooking and dancing competitions organized by PZ Wilmar, the makers of Mamador oil. The winners of these competitions received gift items from Ms. Esther Bankole, the Area Sales Manager of Mamador in Onitsha.