Foundation Supports 200 Female Traders With N20m Grants In Abuja

The Frugal Empowerment Foundation has distributed N20 million in grants to 200 female petty traders in the Federal Capital Territory (FCT) as part of its Small Business Empowerment initiative.

The grants, which are part of the foundation’s efforts to support vulnerable women in the country, also target 200 women in Lagos and 100 women in Edo State.

The founder of the Frugal Empowerment Foundation, Dr Peter Osezua, also known as Dr Frugal, said the initiative is aimed at empowering women who are struggling to make ends meet.

He noted that the foundation has been working in various parts of Nigeria since 2017, providing support to communities affected by crisis and promoting economic empowerment.

According to Osezua, the foundation chose to focus on women because of the challenges they face in accessing capital to grow their businesses.

He explained that many of these women are forced to buy goods on credit, which makes it difficult for them to make a sustainable income.

“So the reason why the FBS project is so peculiar to me, personally, having to visit Nigeria and see the struggle of women who are hawking through the streets.

“So, I was deeply touched when I see the struggle, because I remember when I was growing up, it wasn’t even easy for my mom.

“So I tried to find out why is it that even after hawking on the street, when you find them in the evening, the same women who is selling during the day, hawking on the street, are also begging.

“ We went to find out that actually, the product they are selling, they don’t even have capital to go and get that product. So they have to go get it on credit, then, and sell. And remember, many of these goods they are selling, they are perishable goods…Avocado, pear, mangoes, banana.

“So what usually happens is that they are always under pressure to sell, because they have to return money to their creditor. So at the end of the day, the money they make from the business is not really sustainable to them. That is why they still end up begging on the street,” he said.

He explained that the  foundation is using the FBS Money platform  to facilitate the distribution of the grants, making it easier for the women to access the funds.

“We have a company, FBS Money, who is actually championing the SBE project. So the essence for that is that we understand that many of these women are not so well educated. And it’s not only that we pay them money, they will be queuing up in the bank trying to get their money out. So we want to make sure their money too is secure. That’s why we use the FBS platform,” he said.

In his good will message,  the Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro,  commended the Frugal Empowerment Foundation for its efforts in advancing economic inclusion and empowering vulnerable households, particularly women.

Represented by Mr. Michael Ogun, the minister expressed the ministry’s openness to partnerships with organizations to improve the lives of Nigerians in need.

“The ministry has the capacity, but we need sincere organisations like Frugal to partner with,” he said.

Also, the FCT Coordinator, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Mrs. Mary Kolawole, urged the beneficiaries to utilize the grant effectively, emphasising the importance of staying focused and making the most of the opportunity.

Each of the 200 women received N100,000, aimed at boosting their businesses and improving their livelihoods.

One of the  beneficiaries, Maureen Shekara, a corn roaster in Kabusa, expressed her gratitude, stating that the grant will help expand her business.

Another beneficiary, Blessings Ekwote, who pounds yam, stated that she plans to use the money to make an advance payment for a pounded yam machine.

“I thought this was a scam when they approached me. I am very grateful for the foundation and Dr. Frugal,” she said.