Sen. Solomon Adeola, Chairman, Senate Committee on Finance, on Tuesday ,empowered 5,500 market women and men from Ogun West Senatorial District with grants to support their businesses.
Disbursing the financial empowerment through bank transfer at an event held in Ilaro, Adeola said the essence was to eradicate poverty among market men and women in the senatorial district.
Adeola said that the programme was a micro financing scheme to boost the businesses of market men and women, emphasising that it was not a loan but a grant to bring succor to a critical sector of the people.
He said that he facilitated the empowerment programme tagged “Oloja Yayi” in Ogun West in conjunction with Nigerian Institute for Oceanography and Marine Research (NIOMR).
The senator said that the traders had been contributing their quota to the socio-economic development of their communities and the nation generally.
“In the face of economic challenges facing our nation, there is no doubt that our market women and men are facing challenges in their trading activities of goods and services at the lowest level in our markets.
” We have a good exception here in Gov. Dapo Abiodun’s commendable programme tagged “Oko Owo Dapo” which provided our market women and men some succor in trying times,” he said.
The chairman, senate committee on finance, stated that beneficiaries of the empowerment programme were drawn from the five Local Government Areas of Ogun West Senatorial District.
” Beneficiaries were drawn from Ado Odo Ota, Yewa South, Yewa North, Ipokia and Imeko Afon local governments.
‘My vision here is to further impact directly on critical sectors of the society in ways to cushion the effects of the downturn of the economy on vulnerable persons.
” The various market associations were given forms through their leaders (Iyaolojas and Babaolojas) for onward distribution to members to ensure transparency and the apolitical nature of the exercise,” he said.
Adeola appealed to the beneficiaries to judiciously apply the grant to increase their various trades, saying they should not divert it to other uses unrelated to their marketing activities.
He stated that if well invested, the grants would ultimately yield increase and profits for their businesses to improve their standard of living.
Adeola maintained that the empowerment of 5,500 market men and women was the beginning of developmental strides that would happen in Ogun West, if elected as Senator in the February 25 National Assembly election.
The News Agency of Nigeria reports that Adeola currently represents Lagos West Senatorial District at the National Assembly.
In her address, Mrs Yemisi Abass, the Iyaloja General of Ogun State, commended the senator for the kind gesture.
Abass said the financial support would help the traders and prevent them from obtaining outrageous loans with high interest rates.
NAN reports that the beneficiaries received N25,000 instantly through SMS credit alerts as start-up capital to support their business.
Source – NAN