Business
Obasanjo Lists Path To Africa’s Dev
A political leadership with
vision and capacity to manage the process of change is crucial in tackling Africa’s development challenges and transformation.
Nigeria’s former President, Chief Olusegun Obasanjo, said this in a paper he presented on Tuesday in Havana, Cuba, and made available to newsmen in Abuja.
In the paper entitled, “Africa: Looking Back and Moving Forward,” Obasanjo said African leaders must demonstrate the necessary political will in the transformation of the continent.
“ Those who aspire to lead must have an irreducible minimum and reasonable level of education, experience, exposure, moral strength and character,” Obasanjo said.
He said Africa’s friends must recognise certain peculiarities of the African environment that are crucial in “enabling us realise the best that is embedded in us.”
Obasanjo said such understanding could forge the mutually-beneficial partnership that could accelerate the development of the thinking process as well as engender progress in Africa. He said a democratic society founded on equity, truth and egalitarianism was fundamental to economic progress.
The former president said empirical evidence suggested that inequity and injustice breed conflict, strife and war.
He said countries with deficient basic governance would never be able to undergo sustained economic development.
“Apart from some dots of darkness here and there, Africa can be said to be exiting from all the vices which had befallen it in the past,” he said.
Obasanjo said the most worrisome crises facing the continent like civil strife and collapsed states were being tackled.
He cited Rwanda, Liberia and Sierra Leone as some states being rebuilt in this drive.
Obasanjo further said that democratic institutions were being rebuilt as the culture of war was being replaced with that of peace in many other countries.
“ Africa presently has a new opportunity to reposition itself in the world economic and social equation,” he said.
He described the current century as an ecological one, adding that predictions indicate that it would favour Africa.
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.
-
News6 hours agoRSG Reiterates Commitment To Youth Dev
-
Business3 hours agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Maritime3 hours agoMWUN Raises Alarm Over Port Security Lapses In Lagos
-
News6 hours agoKwankwaso Dumps NNPP, May Join ADC Today
-
Business3 hours agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Maritime3 hours agoMaritime Workers Demand Reinstatement Of Tally Clerks, Gangway Security Over Port Revenue Loss
-
Maritime3 hours agoNNS Hands Over Two Suspected Stowaways to Immigration Service
-
Rivers3 hours agoEducation Commissioner Lauds STAN Executive, Appreciates Support