Lagos council chief distributes 3rd edition of N50 Million Renewed Hope Palliative to 500 entrepreneurs

In a renewed effort to strengthen small businesses and improve the economic well-being of residents, the Executive Chairman of Somolu Local Government, Hon. Lateef Ashimi, has distributed the 3rd edition of N50 million in grants to 500 local entrepreneurs across the council area under the Renewed Hope Palliative Programme.

The empowerment initiative, which attracted beneficiaries from different wards within the local government, is aimed at supporting micro, small and medium-scale enterprises (MSMEs), boosting local economic activities and providing financial relief to hardworking entrepreneurs struggling with prevailing economic challenges.

Speaking during the distribution exercise, Hon. Ashimi said the intervention was designed to empower business owners with the financial support needed to expand their enterprises, create employment opportunities and improve their standard of living.

According to the council chairman, the grant will serve as a catalyst for sustainable economic growth, enabling beneficiaries to strengthen their businesses while contributing meaningfully to the development of Somolu Local Government.

He explained that the programme aligns with the vision of the Federal Government’s Renewed Hope Agenda, which prioritises poverty reduction, economic inclusion and grassroots development through strategic empowerment initiatives.

“This initiative is put in place to improve the welfare and wellbeing of the residents, which is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, to alleviate poverty, empower citizens and foster economic growth and development within the community,” Hon. Ashimi stated.

The council boss reiterated his administration’s commitment to implementing people-oriented programmes that directly impact residents’ lives, particularly entrepreneurs who play a vital role in driving the local economy, and praised Mr Babajide Sanwo-Olu for his unflinching support.

He urged beneficiaries to utilise the grants judiciously by investing in their businesses, expanding their operations and creating more opportunities for others within the community.

Hon. Ashimi further assured residents that his administration would continue to roll out developmental programmes and empowerment initiatives to improve livelihoods, promote self-reliance, and stimulate economic prosperity across Somolu.

Some of the beneficiaries of the grant who spoke to Somolu News expressed appreciation to the council chairman for the timely intervention, describing the initiative as a major boost to their businesses at a time when many entrepreneurs are facing economic difficulties. They pledged to make productive use of the funds to grow their enterprises and contribute positively to the economic development of the council area.

The N50 million entrepreneurial grant is one of several welfare and empowerment programmes introduced by the Lateef Ashimi-led administration, reflecting its commitment to inclusive governance, poverty alleviation and sustainable community development.

The initiative also reinforces the local government’s support for the Renewed Hope Agenda by ensuring that economic opportunities reach the grassroots and positively impact the lives of residents.