Lagos State Government on Wednesday unveiled its COVID-19 Action Recovery and Economic Stimulus (CARES), targeting to support 125,058 residents in 24 months.
Speaking during the unveiling at Lagos House, Ikeja, Lagos State Governor, Mr Babajide Sanwo-Olu said that the Lagos CARES Initiative was a part of the Nigeria CARES (N-CARES) Programme for Results .
Sanwo-Olu said that the N-CARES programme, facilitated by the World Bank, was an integral part of the national approach adopted to alleviate the burden of the COVID-19 pandemic, and enhance the wellbeing of the people.
He said that the Lagos CARES programme would be implemented between 2021 and 2023, and would provide economic relief and recovery support to identified vulnerable persons.
The Governor said that the initiative would specifically encompass three key result areas, which included increasing cash transfers and livelihood support to poor and vulnerable households.
He said that it would include increasing food security and safe functioning of food supply chains for poor households. and facilitating the recovery of Micro and Small Enterprises (MSMEs), while strengthening institutional support for coordination and delivery.
”During the 24-month period of implementation in Lagos State, the programme will directly support 20,843 households and indirectly support 125,058 individuals.
”There will also be interventions in 69 markets while a minimum of 2,512 MSEs will be supported. The programme is designed to be inclusive, purposeful and will impact women and the youth,” Sanwo-Olu said.
The Governor also inaugurated the State CARES Steering Committee (SCSC), led by the Commissioner for Economic Planning and Budget, Mr Sam Egube, in order to effectively implement the Lagos CARES Programme.
He urges the committee members not to lose sight of the T.H.E.M.E.S Agenda of the state government, as they work on the three result areas.
Mrs Solape Hammond, the Special Adviser to the Governor on the Sustainable Development Goals (SDGs) and Investments said that the initiative was facilitated by the $750 million secured by the Federal Government, from the World Bank.
Hammond said that each state of the country got at least $20 million to execute the initiative of reviving the economy from COVID-19 pandemic.