The United Nations Development Programme (UNDP) has extended a lifeline to 2,000 traders in the Damboa community of Borno State, injecting N200 million into the local economy.
This initiative, part of the UN agency’s broader commitment to Nigeria’s economic development, aims to bolster the businesses of local traders.
Announced on Friday, March 29, 2024, via its official channels, the UNDP’s support, tagged as “UNDP Stabilization” efforts, underscores its commitment to empowering local economies.
Each trader received N100,000, providing a significant boost to their businesses.
Explaining the rationale behind the initiative, the UN agency highlighted the importance of supporting local traders in fostering economic progress in Nigeria.
Through its Regional Stabilization Facility, the UNDP seeks to promote sustainable livelihoods and contribute to local economic development.
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The Regional Stabilization Facility, established in 2019 with support from international donors and partners, targets conflict-affected areas in Nigeria.
Operating in Borno, Adamawa, and Yobe States, including communities around Lake Chad, the facility implements peacebuilding, recovery, and development programs in collaboration with the government.
These areas have been severely impacted by terrorist activities, leading to the displacement of over 2.2 million people across the three states.
In its 2022 annual report published in December 2023, the UNDP highlighted its significant achievements, including the construction of 860 housing units and three market areas, totaling 1,122 lock-up shops and stalls.
Additionally, 2,790 individuals benefited from the UN cash-for-work programs, demonstrating the agency’s commitment to rebuilding communities and improving livelihoods in conflict-affected regions.
The UNDP’s support for traders in Borno State underscores its unwavering commitment to promoting economic stability and sustainable development in Nigeria.