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PROJECT TITLE: FINANCIAL EMPOWERMENT to twenty (TWENTY) PETTY TRADES IN NUNG NDEM WARD I TO RESTART BUSINESS
CONTACT PERSON: OKON UMOREN
CONTACT NUMBER: 081*********
PROJECT DURATION: 3 MONTHS
PROJECT AMOUNT: N487,200 (FOUR HUNDRED AND EIGHTY SEVEN THOUSAND, TWO HUNDERD NAIRA ONLY)
PROJECT SUMMARY: The economic effects of the covid-19 lockdown had effect altogether facets of human life globally, may be a well-known fact, it left the planet economy and especially those economically vulnerable highly devastated. A predominant outcome of this was that low capital individuals especially within the under-developed space lost their precious financial capital which is used to trade for daily profits which are usually spent out on food and pressing daily needs such as food, medicals and other exigencies. The implications of this is often that savings from such businesses are either non-existent or meager to sustain a period such as the total lockdown lasted, is exhausted on feeding to stay body and soul. What consequently happened was that trade capital for these individuals were spent . The gradual opening from the economy came with some difficulty as most petty rural traders had lost their capital therefore making it difficult to provide for themselves and their dependents.
PROBLEM STATEMENT: Akwa Ibom is ranked because the state with the second highest rate of unemployment in Nigeria at an approximate 39% according to National Bureau of statistics report for the second quarter of 2020, this is often in spite of the fact that the state is the highest oil-producing state in Nigeria. this is often a stark economic irony as it citizens especially from most of these oil-producing communities live in abject poverty due to poor infrastructure, health care system, environmental degradation as a results of exploration activities and lack of industrial outlets to work and earn a living. within the light of these, it’s clear that these traders or their dependents have little or no options to elk a living.
RATIONALE: Empowering these petty traders won’t only bring back their means of livelihoods and help them provide for dependents, it also creates jobs, as their economic activities stimulates ancillary jobs within their rural domains.
The project’s objective is to revive these modest traders’ sources of income.
• Offer recipients access to plug finance so they may run and maintain their businesses.
• Give the beneficiaries instruction in financial literacy in order that they can run and maintain their enterprises.
• Stimulate jobs as a results of their economic activities (beneficiaries)
• Beneficiaries are ready to restore their businesses
• Developed financial literacy skills by beneficiaries
• Able to supply ancillary jobs as a result of their economic activities.
• Beneficiaries are ready to earn a living from their businesses.
Twenty (20) Petty Traders who lost Market Capital as a results of the Lockdown.
The financial literacy provided will help the beneficiaries manage their businesses. they’re going to be encouraged to network and provide support as well as consider forming a cooperative society where they can access funds to expand their businesses.
• Distribution of advocacy letters to community stakeholders.
• Advocacy visit and presentation of empowerment funds to beneficiaries.
• Media awareness about the inspiration and its activities before and after the empowerment.
• Financial literacy training for the beneficiaries.
MONITORING AND EVALUATION
The beneficiaries are going to be monitored periodically through visit by the state convener to follow-up on their progress.