Nigeria's First Lady, Senator Oluremi Tinubu, has taken a significant step to boost female economic participation by disbursing a substantial grant to women business owners in Ogun State.
Financial Boost for Small Businesses
A total of N50 million was distributed to 1,000 selected women entrepreneurs as part of the Women Economic Empowerment Programme under the Renewed Hope Initiative. The presentation ceremony was held on Wednesday at the June 12 Cultural Centre in Kuto, Abeokuta.
Each beneficiary received the sum of N50,000 directly aimed at supporting and recapitalising their existing small-scale businesses. The First Lady, represented by the wife of the Ogun State Governor, Mrs. Bamidele Abiodun, clarified a crucial point to the recipients.
"Let me emphasise that this is not a loan. It is a grant and a seed of renewed hope to help you recapitalise your existing businesses," she stated, assuring the women that the funds were non-repayable.
Foundation Support and Expanded Reach
The initiative received major backing from the Tony Elumelu Foundation, which donated a whopping N1 billion to the Renewed Hope Initiative nationwide. This national contribution is designed to support approximately 18,500 women across the country.
Under the standard national plan, 500 women from each of the 36 states and the Federal Capital Territory were slated to receive N50,000. However, Ogun State benefited from an expanded allocation after Governor Dapo Abiodun approved an increase in the number of beneficiaries from 500 to 1,000 for the state.
Mrs. Tinubu commended the governor for this move, highlighting his commitment to women's empowerment at the state level.
A Catalyst for Broader Economic Impact
Speaking on the rationale behind the programme, the First Lady explained that empowering women creates a positive ripple effect that benefits households, communities, and the wider society. She pointed out that financial inclusion remains a major hurdle for many Nigerian women, hindering their progress despite their crucial role in social and economic growth.
She admonished the beneficiaries to utilise the grants responsibly to expand their business ventures, improve their families' livelihoods, and contribute meaningfully to national development.
This grant scheme is one of several financial support mechanisms introduced under the current administration. Others include the NELFUND for public tertiary institution students, the Consumer Credit Scheme (CrediCorp) for salary earners, and the presidential conditional grant scheme, which has reportedly reached close to 900,000 of its one million target beneficiaries.
