Key points
- First Lady Oluremi Tinubu has disbursed N50 million to 1,000 petty traders in Ile-Ife, Osun State, under the Renewed Hope Initiative.
- Each beneficiary received N50,000 to support and expand their businesses.
- The First Lady urged recipients to invest the grant prudently to improve their livelihoods and family welfare.
- The Ooni of Ife commended the initiative, describing it as timely and impactful.
- APC stakeholders also used the event to rally support for the party ahead of the Osun governorship and 2027 general elections.
Main Story
Nigeria’s First Lady, Senator Oluremi Tinubu, on Wednesday disbursed N50 million to 1,000 petty traders in Ile-Ife, Osun State, under the Renewed Hope Initiative (RHI), as part of efforts to promote economic empowerment and support small businesses.
The empowerment programme, held at Kensington Hall within the Ooni’s Palace in Ile-Ife, provided N50,000 grants to each beneficiary to strengthen and expand their businesses.
Represented by the Osun State All Progressives Congress (APC) Women Leader, Alhaja Kudirat Fakokunde, the First Lady said the intervention was designed to improve the economic well-being of petty traders and enhance the welfare of their families.
She urged beneficiaries to invest the grants wisely to grow their businesses and create sustainable sources of income.
Also speaking, Dr Sekinat Oyebamiji, wife of the APC governorship candidate in Osun State, encouraged the traders to utilise the funds productively, stressing that prudent management of the grant would help improve their businesses and livelihoods.
Mrs Kafayat Oyetola, wife of the Minister of Marine and Blue Economy, Adegboyega Oyetola, appealed to residents of Ile-Ife to support the APC governorship candidate in the August 15 election and President Bola Tinubu in the 2027 general election.
The Ooni of Ife, Oba Adeyeye Ogunwusi, commended the First Lady for the initiative, describing it as a timely intervention capable of improving the living standards of vulnerable traders across communities.
The monarch said the Renewed Hope Initiative reflects the Federal Government’s commitment to supporting the less privileged and promoting inclusive economic development through targeted empowerment programmes.
He added that all verified beneficiaries would receive the grants and urged recipients to deploy the funds effectively to strengthen their businesses and improve household incomes.
The Issues
Access to finance remains one of the biggest challenges facing Nigeria’s micro and small businesses, particularly petty traders. Targeted grant programmes such as the Renewed Hope Initiative can provide short-term relief and stimulate business growth, but their long-term impact will depend on effective utilisation of the funds and sustained support for small enterprises.
What’s Being Said
First Lady Oluremi Tinubu:
The First Lady said the N50 million intervention was aimed at improving the economic well-being of petty traders and their families, urging beneficiaries to invest the grants wisely to expand their businesses.
The Ooni of Ife, Oba Adeyeye Ogunwusi:
The monarch described the initiative as timely and impactful, saying it demonstrates the administration’s commitment to uplifting the less privileged. He urged beneficiaries to use the grants productively to strengthen their businesses.
Dr Sekinat Oyebamiji:
She encouraged beneficiaries to channel the N50,000 grants into productive ventures that would support business growth and improve their livelihoods.
What’s Next
The beneficiaries are expected to utilise the grants to expand their businesses and improve household incomes. The Renewed Hope Initiative is also expected to continue similar empowerment programmes across other states as part of its efforts to promote financial inclusion and support vulnerable groups.
Bottom Line
The disbursement of N50 million to 1,000 petty traders underscores the Renewed Hope Initiative’s focus on grassroots economic empowerment. While the intervention provides immediate financial support for small businesses, its lasting impact will depend on prudent utilisation by beneficiaries and sustained efforts to improve access to economic opportunities.
