Business
Agency Spends N1.8b On World Bank Assisted Projects
Yobe State Agency for Community and Social Development (YBACSD)says N1.8 billion has been spent in executing 838 World Bank-assisted projects in the state in the past 10 years.
The General Manager, Alhaji Babagana Goni, who made this known during an interaction with newsmen in Damaturu, said that the projects were carried out in phases across the 17 local government areas.
He said the agency also provided micro projects in 34 communities in addition to constructing bore holes, clinics and blocks of class rooms in schools.
“Similarly transformers, electricity polls, markets stalls, culverts and feeder roads were constructed during the period under review.
On the community poverty reduction programme, Babagana said the agency had assisted more than 500 communities, including women groups with skills acquisition centres and materials at the cost of N29.041 million.
“ Due to geo-ecological structure of Yobe, the agency spent N6.235 million on desert control in the affected communities,’’ he said.
He said that last month the agency received and approved 52 community development plan project proposals from the 17 local governments estimated at N414, 734.
According to him, the agency has already cleared four sets of the proposals as required by World Bank.
He, however, said the success of poverty reduction projects had attracted over 900 applications from various communities in the 17 local government areas of the state.
“Yobe is among the states that implemented the projects according to World Bank conditions,’’Babagana said.
He said that the major problems facing the agency was the inadequate facilities and equipment for the local governments’ review committees and desk officers to effectively implement and monitor the projects by communities.
He urged communities, local government councils and traditional rulers and communities leaders to sensitise their people on the need to send their demands to the agency for assistance.
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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