Petty traders backbone of Nigeria’s economy – First Lady

The First Lady, Sen. Oluremi Tinubu, says that small and medium enterprises, especially women petty traders, form the backbone of Nigeria’s local economy.

Oluremi, who was represented by the wife of the Anambra State Governor, Dr. Nonye Soludo, made the assertion on Thursday at the commencement of the Renewed Hope Initiative (RHI) economic empowerment programme in Awka, the state capital.

The News Agency of Nigeria (NAN) reports that the First Lady inaugurated the RHI Economic Empowerment Programme Recapitalisation Grant on August 15, 2024, for 1,000 women petty traders in each of the 36 states and FCT.

She said that empowering women economically was strategic to assist them in overcoming their business challenges.

She added that the initiative would help in expanding their businesses for job creation and economic growth and development.

According to her, economic empowerment remains a core objective of the RHI to support the economic reforms of the administration of President Bola Ahmed Tinubu.

“The empowerment of 1,000 women petty traders across the nation is a part of our continued commitment to drive economic growth towards a better life for families.

“We are all aware of the challenges faced by petty traders, who form the backbone of our local economies.

“These challenges, however, have not deterred the strength of our women to put food on the table for their families.

“Today, through the RHI Economic Empowerment Programme, we are providing 1,000 pre-selected women petty traders per state with a grant of N50,000 each to recapitalise and grow 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,” he said.

While distributing the N50,000 recapitalisation grant to each of the 1,000 women petty traders in the Anambra, she urged the beneficiaries to utilise the money to grow their businesses and be self-reliant.

She also urged them to continue to pray for the success of the federal and state governments as they strive to better the lot of Nigerians.

Mrs. Nnaemeka Nwachukwu, one of the beneficiaries from Idemili South, appreciated the First Lady and Soludo’s wife for prioritising the welfare of women in the country.

“This money is coming at a time when we need it the most. It will surely go a long way to boost our trade and support our families,” she said.

The event featured cooking and dancing completions organised by PZ Wilmar, makers of Mamador oil, where gift items were given to winners by Ms. Esther Bankole, Area Sales Manager of Mamador in Onitsha.