Business
FG To Boost Energy Production
The Federal Government has reiterated its commitment to utilise wood waste and cow dung to boost energy production in the country.
The Director, Pollution Control and Environmental Health, Dr Oludayo Dada, made this known in an interview with the newsmen, last Thursday, in Abuja.
He said the project would be achieved through ‘Cow to Kilowatt System’, a project initiated by the Federal Government in Ibadan in 2008.
According to him, it will be funded by the Federal Government in collaboration with the United Nations Development Programme (UNDP) and be replicated in other states of the federation.
“The project in Ibadan is 40 per cent done. We have some slight problems with the funding but we hope this year we will be able to complete it,” he added.
Dada said another capital project earmarked for completion this year was the ‘Wood Waste Conversion Project’.
“We are commencing on that so that we can produce electricity for the neighbouring communities,’’ he said.
He said the project established in Ogun and Niger states, was initiated in the 2010 budget, adding that it would flow into this year’s budget.
Dada stressed the need to involve private investors in waste management for a wider coverage of the country and to ensure a sustainable environment.
He said that besides the Wood Conversion Project, the ministry had started another project called, “Integrated Waste Management Facility (IWMF).
Dada described the project as a national initiative on solid waste and called for public private partnership to ensure its success.
He said the projects had begun in Kano, Anambra, Ekiti, Oyo and Abia States, adding that Uyo would commence soon.
“Onitsha is a place that we can showcase that the project is working,’’ he said.
Dada said that the Federal Government would provide N250 million for any prospective investor while the investor would invest between N4 billion and N10 billion for the project in any city in the country.
He added that the N4 billion was the benchmark, pointing out that the amount could be higher depending on the size of the city.
The state governments would however, provide the enabling environment for investors, he said.
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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