Connect with us

Business

UNDP pays 2,000 Borno community traders N200 million in bid to support Nigeria’s local economy

Published

on

UNDP Building

The United Nations Development Programme (UNDP) has supported 2,000 traders in the Damboa community of Borno State with N200,000,000 as part of its ongoing contribution towards Nigeria’s local economy.

This was announced via its X page on Friday, March 29, 2024.

Tagged as “UNDP Stabilization” efforts, the UN agency disclosed the gesture is aimed at supporting the business of Nigerian local traders.

Each of the traders was said to have received N100,000 each.

The UN agency explained that through its Regional Stabilization Facility, supporting local traders will result in Nigeria’s economic progress.

It stated,

  • Through the @UNDP #Stabilization efforts, 2000 traders in the Damboa community, Borno State have been supported with ₦100,000 each to enhance their businesses. This initiative not only supports improved sustainable livelihoods but also contributes to local economic development.”

What you should know

  • The Regional Stabilization Facility is a UNDP funding program supported by international donors and partners.
  • Launched in 2019, the facility’s mission is to target conflict-affected areas, reducing the risk of violence by implementing peacebuilding, recovery, and development programs via a partnership with the government.
  • The facility covers Lake Chad and several communities in Borno , Adamawa and Yobe State – areas that have suffered from terrorist activities.
  • In its 2022 annual report published on December 2023, “over 2.2 million people ” have been displaced across the three Nigerian states.
  • But the agency’s major output achievements in 2022 included constructing 860 housing units and 3 market areas constructed with a total of 1,122 lock-up shops and stalls while 2,790 individuals benefitted in the UN cash-for-work programmes.

Download Nairametrics App for breaking news and market intelligence.
    app store banner

Trending