No fewer than 1000 who own small businesses in Ikoyi-Obalende Local Council Development Area (LCDA), Lagos, have been empowered with a total of N50 million by the authorities of the council. Each of the women received N50,000.
Fuad Atanda-Lawal, chairman of the council, at “The Empowering Her Fortune Initiative (EHF) 2.0” held at Muson Centre, on Tuesday, said the initiative was supported by MTN Momo, the fin-tech subsidiary of MTN Nigeria.
Atanda-Lawal, who noted that his administration acknowledged the challenges faced by small businesses, said the decision to give the grants was to change the narrative.
He said: “In April, we intensified our efforts, empowering 400 women with N50,000 each.
“Today, we will be providing support to over 1,000 women through grants of N50,000 each also. This financial assistance is not merely symbolic.
“It is a transformative force aimed at helping their small businesses flourish, offering a lifeline during these challenging times, and paving the way for new opportunities.”
According to him, the council is equally empowering 10 outstanding beneficiaries of the April empowerment programmes with N100,000, based on their success stories.
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He said that the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), led by Charles Odii, the director-general, had also provided N100,000 each for 10 outstanding businesses in the area.
“The essence of this initiative, again, is rooted in my strong belief that denying women opportunities equals overlooking the invaluable contributions they can offer.
“Women are multipliers. Empowering women not only transforms their lives but also enriches the entire community.
“When we elevate women, we uplift families and stimulate economic growth within our neighbourhoods.
The council boss also distributed 100 Point of Sales (POS) machines to women and urged them to continue to collaborate to transform lives in the area.
Omolara Micheal-Nwadu, chief financial officer, MTN Momo, said that the firm was committed to partnering with the local government to empower women and SMEs.
Iyabo Adebambo, a beneficiary and POS operator commended the local government. She said the grant would aid the growth of her business.
Charles Odii, the DG of SMEDAN, said there were approximately 40 million businesses in Nigeria, out of which 38 million are nano businesses, which the agency prioritises.
Odii said ten women from the local government who have done well in their businesses would receive an additional N100,000 each from the agency.
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