As a demonstration of its commitment to fostering economic growth and bettering family lives, the Renewed Hope Initiative (RHI) Economic Empowerment Programme has launched a recapitalization grant to support 1,000 women petty traders in the Federal Capital Territory.
Sen. Oluremi Tinubu, the President’s wife, announced during the flag-off ceremony in Abuja that 37,000 women petty traders nationwide would receive a total of N1,85 billion in aid of their businesses.
She said that the event would take place simultaneously across the 36 Federation states and the Federal Capital Territory.
Mrs. Adedayo Benjamins-Lanyi, the First Lady, was represented by the Mandate Secretary, Women Affairs Secretariat, and also the FCT State Coordinator of the RHI. She noted that the Renewed Hope Initiative is aware of the challenges faced by small and medium enterprises (SMEs), especially the petty traders, who form the backbone of the local economies.
She stressed that these challenges have not deterred the strength of the women.
She said: “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.
“A total of One Billion, Eight Hundred and Fifty Million Naira (N1,850,0000,000.00) will be disbursed to 37,000 women petty traders across the nation.
“The grants provided today are to assist our women petty traders in overcoming some of their business challenges, expand their businesses, create more jobs, and contribute more robustly to our economy.”
She reiterated that economic empowerment is a cornerstone of the Renewed Hope Initiative, and the programme is designed to complement the economic reform efforts of the President Bola Ahmed Tinubu-led administration.
She stressed: “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.”
Dr. Mariya Mahmoud, FCT Minister of State, hailed the programme as a major breakthrough in empowering women entrepreneurs and bolstering their economic stability, expressing optimism that the grants would provide vital support for women petty traders to grow their businesses and enhance their well-being.
The minister, represented by Hajia Maijidda Adamu Musa, FCT Coordinator of the Social Investment Programme, emphasised that the Renewed Hope Initiative’s investment in human capital across key sectors such as economic empowerment, education, health, social investment, and agriculture has yielded immense value.
Mahmoud further said that by investing in women’s growth, the government is creating opportunities for a brighter future, just as she commended the efforts of the First Lady and her dedicated team in making this initiative a reality.
In her comment, Benjamins-Laniyi said that the RHI has become an interventionist programme that has come to stay to support women entrepreneurs.
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