Business
River Basins’ MDs Pledge To Fight Poverty
The newly appointed managing directors of the 12 River Basin Development Authorities in the country have assured the Federal Government of their commitment to repositioning the river basins to reduce poverty.
The managing directors collected their appointment letters on January 7, from the Federal Ministry of Water Resources.
Some of them, who spoke to our correspondent after collecting their letters, said that they would use their wealth of experiences to transform the basins to create jobs and reduce poverty.
They promised to boost food production, export and enhance power generation through the implementation of irrigation and other agricultural activities in their various basins.
Managing Director of the Lower Niger River Basin Development Authority, Mr. Aduragba Abubakar, said that he would work toward the improvement of water resources to reduce poverty in the basin, covering Kwara and parts of Kogi.
He added that he hoped to achieve the feat through the development of irrigated land, supply of water to rural people and generation of electricity through dams located in the basins.
Also speaking, Mr. Jimmy Omoliki, the managing director of the Ogun-Osun River Basin Development Authority, spoke of his determination to implement projects within the basin.
“For me, it will not be business as usual. I will work to justify the position by coming up with programmes that will empower farmers and young graduates,’’ he said.
He urged the Federal Government to be consistent in policy formulation, noting that frequent reversal of policies had restricted the river basins from effective performance of their functions.
“The River Basin is being re-structured and re-organised for professionalism so there shouldn’t be any policy reversal again to ensure sustainability.
“We also need the support of other stakeholders in the sector to achieve the mandate of the river basins because we cannot do it alone,” Omoliki said.
Mr. Nnaa Aleru, managing director of the Niger Delta River Basin Development Authority, expressed his readiness to make the basin more productive to boost food production.
He promised to key into President Goodluck Jonathan’s vision to re-engineer and reposition the River Basin Authorities to reduce poverty.
“I hope to pursue these policies as spelt out by the Honourable Minister when I resume in my basin and I will also ensure that I come up with projects that will increase farmers’ yields,” Aleru said.
Speaking along the same vein, Mr. Suleiman Musa, managing director, Upper Benue River Basin Development Authority, promised to implement government’s policies as prescribed in the Charter, establishing the river basin authorities.
“I hope to achieve this through integrated water resources development, farmer support programmes as well as come up with vibrant empowerment programmes that will help tackle poverty,” Musa said.
He expressed optimism that the current repositioning of the river basins would enable the government to boost production, create jobs, generate electricity and provide water supply.
The managing directors expressed appreciation to Jonathan for appointing them to serve the nation.
Our correspondent reports that the formal inauguration of the management team of the12 River Basin Development Authorities is slated for yesterday.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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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