Financial empowerment is the process of taking control of your finances and making choices that will improve your financial wellbeing. A good place to start is by writing a financial empowerment project. This project will help you assess your current financial situation, set goals, and create a plan to achieve those goals.
This article will help and guide you on how to write a financial empowerment type of report
Please and follow step carefully to get it right.
PROJECT TITLE: FINANCIAL EMPOWERMENT TO 20 (TWENTY) PETTY TRADES IN (…………..) WARD I TO RESTART BUSINESS
CONTACT PERSON: EMMANUEL *****
CONTACT NUMBER: 0809********
PROJECT DURATION: 3 MONTHS
PROJECT AMOUNT: N487,200 (FOUR HUNDRED AND EIGHTY SEVEN THOUSAND, TWO HUNDRED NAIRA ONLY)
PROJECT SUMMARY: The economic effects of the covid-19 lockdown had effect in all facets of human life globally, is a well-known fact, it left the world economy and especially those economically vulnerable highly devastated. A predominant outcome of this was that low capital individuals especially in 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 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 keep body and soul. What consequently happened was that trade capital for these individuals were used up. The gradual opening up of 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 as 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 in spite of the fact that the state is the highest oil-producing state in Nigeria. This is 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 result of exploration activities and lack of industrial outlets to work and earn a living. In the light of these, it is clear that these traders or their dependents have little or no options to elk a living.
RATIONALE: Empowering these petty traders will not 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 goal of this project is to bring back the means of livelihoods of these petty traders.
- Provide market capital for beneficiaries to manage and sustain their business.
- Provide financial literacy training to those beneficiaries to manage and sustain their businesses.
- Stimulate jobs as a result of their economic activities (beneficiaries)
- Beneficiaries are able to restore their businesses
- Developed financial literacy skills by beneficiaries
- Able to provide ancillary jobs as a result of their economic activities.
- Beneficiaries are able to earn a living from their businesses.
Twenty (20) Petty Traders who lost Market Capital as a result of the Lockdown.
The financial literacy provided will help the beneficiaries manage their businesses. They will 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 foundation and its activities before and after the empowerment.
- Financial literacy training for the beneficiaries.
MONITORING AND EVALUATION
The beneficiaries will be monitored periodically through visit by the state convener to follow-up on their progress.