The Lagos State Government has flagged off the Lagos Market Trader Money Initiative to give 50,000 cash to each of 15, 000 traders in the state to boost their businesses.

Governor BABAJIDE SANWO-OLU, while unveiling the programme, said the beneficiaries were selected through a methodical process.

The governor said 200 of the beneficiaries were selected from markets in each of the 57 local government areas and local council development areas.

He said 50 beneficiaries were selected by the Iyaloja/Babaloja General in each Local Governments and Local Council Development Areas.

750 beneficiaries were identified from markets within the barracks and military formations across the state in collaboration with their respective Iyaloja/Babaloja. This brings the total number of beneficiaries to 15,000.

He added that 74 per cent of the beneficiaries were women while the remaining 26 per cent were men.

He also noted that 33.7 per cent of them are below 40 years while 66.3 per cent are above 40 years.