The Kosofe Cares Empowerment Scheme has successfully concluded its inaugural phase, delivering vital financial support to local entrepreneurs. A total of ₦25 million was distributed to 250 beneficiaries drawn from the general public, marking the initial deployment of the ambitious ₦100 million initiative.
The scheme is specifically designed to bolster the local economy by providing critical capital to micro and small enterprise (MSMEs) owners in the Kosofe area. Each selected recipient received direct financial support intended to strengthen their businesses, facilitate job creation, and improve livelihoods within the community. Unlike generalized grants, this initiative focused heavily on the sustainability and potential impact of the recipient businesses. Applicants were assessed based on the clarity of their business plans, their existing market presence, and their capacity to translate the funds into tangible growth and new employment opportunities within the local government area. The goal is to move beyond temporary relief and cultivate genuine economic anchors.
The successful conclusion of this first phase, which disbursed a quarter of the total fund, underscores the council’s deep commitment to economic participation and inclusive growth. Speaking at the formal presentation ceremony, Mr. Lanre Akinsanya, the Executive Chairman of Kosofe Local Government, emphasized the strategic importance of the disbursement. He noted that the initiative represents a practical demonstration of the administration’s resolve to empower its citizens financially. “This fund is an engine of growth,” Mr. Akinsanya stated.
“We are not simply giving out money; we are injecting essential capital into the heart of our community’s economy. The immediate creation of new jobs and the expansion of small businesses will serve as a multiplier effect, benefiting every resident of Kosofe.” He further urged beneficiaries to use the capital judiciously, transforming their entrepreneurial visions into profitable realities that benefit the larger community.
The momentum generated by the first phase sets a clear path for the future. Subsequent phases are expected to be rolled out shortly to reach more beneficiaries and distribute the remaining ₦75 million allocated to the scheme. The administration has indicated that the upcoming distributions will maintain the high standard of transparency and diligence established in this initial rollout. Furthermore, to ensure the long-term success of the businesses supported, the council is exploring the introduction of a mandatory business management training and mentorship component for all future cohorts.
This holistic approach aims to provide not just the funds but also the critical knowledge and guidance necessary for beneficiaries to sustain and scale their enterprises effectively. The Kosofe Cares Initiative is poised to become a defining legacy of the local government’s commitment to self-reliance and community prosperity.
