Business
Nigerians Charge FG On Poverty Reduction
Nigerians have urged the Federal Government to bridge the gap between the rich and the poor to stem the rising level of poverty in the country.
The respondents told newsmen in Abuja yesterday that one way to eradicate poverty in the country was to raise the literacy level.
Mrs Philomena Matthew, a trader at Utako Market in the FCT called for the bridging of the gap between the poor and the rich through the re-distribution on income.
Matthew also noted that illiteracy was synonymous with poverty. She said that when citizens could read, write and think well, the nation would be on the path of poverty reduction if not eradication.
According to her, accountability by government at all levels was a stepping stone towards fighting corruption and eradication of poverty.
Also commenting, Mr Eric Nwanosike, a businessman, told newsmen that the country had not done enough in the fight against poverty.
Nwanosike called for the enforcement of the tax policy and accountability.
“With proper accountability and taxation we will in position to monitor and apply national resources for development to benefit the largest number of our citizens and prevent a situation where national resources will be grabbed by a few people”.
On his part, Mr Emmanuel Okoye, A UK-based Nigerian, said it was obvious that not much had been done to reduce the poverty level and therefore, suggested for human capital and infrastructural development as a way out.
Mr James Omakbo, another trader, observed that the various poverty reduction programmes had been hijacked by the privileged, thereby denying targeted people.
Omakbo urged government at all levels to restructure the programmes to ensure that the real poor people benefitted from them.
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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