The Lagos State Government has started disbursing funds to indigent residents as start-up capital for small scale businesses.
The empowerment scheme is under the ‘Eko Cares Initiative’
Under the scheme, each beneficiary gets N20,000 to invest in consumer goods to generate quick turnover, which is then ploughed back into the business for a higher turnover.
According to a statement issued yesterday, 217 beneficiaries of the scheme, who are part of the 2,000 people earmarked for the first phase, were at the Adeyemi Bero Auditorium, Alausa, Ikeja, to receive the cash payment.
The Special Adviser to the Governor on Civic Engagement, Aderemi Adebowale, said through the programme, more residents, particularly the less-privileged and the vulnerable, would have funds for micro-businesses and vocations.
She noted that the government also hoped the funds would improve their standards of living and quality of lives.
“With the funds provided in this scheme, beneficiaries will be exposed to businesses and investment opportunities requiring minimal start-up capitals,” she said.
Adebowale explained that a number of companies producing “fast-moving consumer products” had already keyed into the programme. She appealed to the beneficiaries not to abuse the privilege, saying successful participants would benefit more from mentorship from the partners who would closely monitor them and give progress reports and recommendations towards further empowerment funds from the government.
The special adviser said the social inclusion programme was the first of its kind in the state, adding that 6,000 Lagos residents were being targeted, with the first phase covering 2,000 people.
She said the scheme would stimulate micro-economic activities, promote a sense of belonging and reduce tension in communities.