Business
Challenges Of ESI Women Drivers In Rivers
Transportation sector has been described as one of the lucrative business areas in both developed and developing countries of the world. Its activities span across land transportation which includes wheelbarrow, bicycle, truck, tricycle, motorcycle, motor vehicle and chariots.
Sea transportation covers canoe, flying boat and ocean-moving vessels classified as marine transport. While air transportation known to be the aviation sector deals with movement aircrafts.
The major objective of the transport industry is centred on the movement on human and materials from one destination to another, with a view of accelerating interaction, relationship and transactions between individuals, communities, states and countries.Transport business in the world has been largely dominated by the male sex, creating gender equality in the system.
And in a bid to bridge the gap posed by gender inequality, the wife of the Rivers State Governor, Her Excellency, Dame Judith Amaechi roled out her pet project known as Empowerment Support Initiative (ESI) aimed at empowering and encouraging women partake in the transportation business.
Besides, the project also tend to reduce poverty, improve their income base, create job and make them self reliant. No wonder Her Excellency insisted that women should drive the vehicles allotted to them, to ensure that the gender inequality gap is bridged, as well as proof to the world that women can compete men favourably.
Speaking with the beneficiaries of the scheme, the woman driver who gave her name as Patience, told The Tide that she found joy competing with men on the road as driver of her own car, noting that she make as much as N6,000 to N7,000 daily.
She said that, she programme her business time to suit the domestic affairs of her household so as to maintain a balance in the flow of income.
The woman driver lauded the initiator of the scheme Dame Judith Amaechi for empowering women in this magnitude of a saloon car other than the usual gas cooker, sowing machine, hair dryer etc experienced in the past administrations.
Another beneficiary of the transport scheme Mrs Ibiene Orupabo who ply Lagos bustop-Aggrey-Borokiri route told our correspondent that inspite of the fuel scarcity and like in the price of the product, she said that somedays the income margin stands at N10,000, while some other days between N8,000 and N9,000 depending on how serious. According to her, “I never knew that transport business is so lucrative and with my experience as a taxi driver, I intended to expand to full time transporter as soon as I pay the agreed sum (the cost price of the car).
We are in a capitalist world where competition and hardwork form the foundation of our survival, therefore, women should stand firm and contribute to the economic growth of our respective families and the state at large”, she asserted.
She said that Rivers State Government has done so much to rekindle the potentials in women through the wife of the Governor by wooing them into the driving profession which is worthy of emulation by other states.
Mrs Orupabo expressed her pleasure over the level of patronage accorded them on their route by the passengers, saying maybe it is because we are women drivers or that their cars are neat, new and air conditioned.
Speaking on the daily challenges facing the operation of the women drivers in the state, Mrs Janet Ihunwo noted with dismay the incessant harassment of the woman drivers by the traffic marshals, citing the recent assault meted out on a woman driver along Aba road by the staff of the Federal Road Safety Commission which she said the case is in the court.
She said that they are always envied by the male counterpart who dominated the sector, adding that sometimes they are quirked, abused and threatened. Also, “you have to meet your domestic obligations, take the children to school, bring them back, cook and maintain the domestic affairs of the family as well as go out for the days business”, she noted.
She urged government to increase the number of the beneficiaries this year and improve the road network to ease the flow of traffic within the Port Harcourt metropolis and its environs.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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