Business
US Canvasses Co-operation On Air Security
United States Homeland Security Secretary, Ms. Janet Napolitano, has called for more international cooperation in protecting transport routes against attack and controlling trade in potentially dangerous materials.
In a speech in Brussels, Napolitano said security and customs authorities needed to work closer with industry to develop new technologies and share information to track chemicals that can be used to produce weapons, Reuters reported on Friday.
Not enough effort is made to minimise potential disruptions to trade and transport in case major infrastructure hubs are damaged by attacks.
“Consider the consequences of such an attack… Beyond the immediate impact… the consequences could quickly snowball and impact economies around the world.”
“People across the world would find empty store shelves and serious shortages in needed medical supplies,” she added.
Governments across the world have been reviewing aviation and transport security since US-bound parcel bombs sent by air from Yemen were intercepted in Dubai and Britain last October.
In the EU, the bloc‘s 27 governments are preparing a plan on how to screen cargo from third countries, although a German proposal for a “blacklist” of airports with insufficient security standards for cargo has been rejected.
But calls from more screening of shipments have led to clashes with industry in the US and Europe as transport companies grew concerned over the cost of tighter security, particularly of sophisticated imaging technology designed to detect explosives.
Addressing such concerns, Napolitano said while new technologies would be used, intelligence-gathering and new standards were also an important tool. The US would also send “hundreds” of aviation and customs officials to help protect transport hubs.
She said joint efforts by customs authorities from the US and other countries had helped investigate smuggling of chemicals that could be used to make explosives into Afghanistan and Pakistan in the last year.
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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