Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriation and lawmaker representing Ogun West Senatorial District, has embarked on a significant initiative to empower traders and students in the region. Through generous grants and scholarships, Adeola aims to bolster the socioeconomic landscape of Ogun State.
Adeola, affectionately known as Yayi, allocated N250 million in grants to traders hailing from the five Local Government Areas within the senatorial district. This initiative, benefiting approximately 5,000 traders, sees each recipient receiving N50,000 to enhance their business endeavors.
Additionally, Adeola extended financial support to students, awarding N100,000 bursaries to 1,000 indigent tertiary institution students. Moreover, 600 students from the senatorial district were selected as beneficiaries of the inaugural edition of the lawmaker’s scholarship program. University students received N200,000, while their counterparts in polytechnics and colleges of education were granted N175,000 and N150,000, respectively.
Addressing Socioeconomic Challenges
During the empowerment program held in Ilaro, Yewa South LGA, Adeola underscored the imperative of addressing the prevalent economic hardships faced by market traders. He emphasized the necessity of adequate cash flow to sustain and expand their businesses, acknowledging the pivotal role they play in the local economy.
Adeola highlighted the collaborative effort between his initiative and Governor Dapo Abiodun’s commendable program, “Oko Owo Dapo,” facilitated in conjunction with the Nigerian Institute for Oceanography and Marine Research. This synergistic approach aims to provide financial assistance to market traders, thereby fortifying a critical sector of the economy.
Micro-Financing for Market Empowerment
The grants distributed by Adeola represent a micro-financing initiative geared towards empowering market men and women. Stressing that these funds are not loans but rather grants aimed at providing essential support to the beneficiaries, Adeola reaffirmed his commitment to uplifting the economic prosperity of Ogun State.
Gratitude for Generosity
Mrs. Yemisi Abas, the Iyaloja General of Ogun State, expressed gratitude to Senator Adeola for his benevolent gesture. She noted that this marks the second consecutive year that market traders have benefited from such grants, underscoring the enduring impact of Adeola’s initiative on the local community.
Through his unwavering commitment to socioeconomic empowerment, Senator Olamilekan Adeola continues to champion the welfare of Ogun State residents, fostering a climate of growth and prosperity.