Business
Enugu Tasks UNILAG On Research
The Nigerian Ambassador to the United States, Prof. Adebowale Adefuye, last Friday advised authorities of the University of Lagos to be proactive in proffering solutions to the challenges facing Nigeria through innovative research.
Adefuye gave the advice while delivering the 2012 Distinguished Guest Lecture Series, organised by the institution’s School of Post Graduate Studies.
The lecture, with the theme: “Unilag at 50; From Excellence to Distinction, A Road Map’’, was part of activities marking the university’s golden jubilee.
The ambassador, who was the guest lecturer, said the university had turned out professionals who were aware of their surroundings and knew how best to apply their skills to serve humanity adequately.
He said the university needed to do a lot to transform it into a world class academic institution that would contribute generously to the growth and development of the country.
“At 50, the University of Lagos must be able to lead other universities in the country in finding solutions to our numerous challenges as they affect humanity. Unilag should stop being a local champion, because 50 years is enough time for a university to re-assess its progress and determine how far it has gone in fulfilling the objectives of the founding fathers,’’he said.
He said the university must, through its research efforts, establish strong relevance with the developmental objectives of the country, adding that it must lead in narrowing the gulf between Nigerian universities and the society at large.
Adefuye noted that the country’s universities were not doing well enough in terms of tangible contributions to national development.
He, however, said that from the quality of its graduates, there was justification in crediting the institution with achieving some measure of excellence.
“It is not enough to be the most preferred university in the country currently,’’ he said, urging the institution not to rest on its oars.
“Unilag should stop being a local champion; it should aspire to becoming one of the leading contenders for the championship of the world,” he said.
Adefuye also said that there was no reason why the university could not attract post graduate students from other African countries.
He stressed the need for Unilag to link up with universities and foundations outside the country and to tap into opportunities and leverages of alumni members living abroad.
The ambassador promised to render the necessary assistance through the country’s embassy in Washington DC.
A former Commonwealth Secretary- General, Chief Emeka Anyaoku, who was chairman of the occasion, also said universities in the country needed to improve on and expand their research base.
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.
-
News14 hours agoRSG Reiterates Commitment To Youth Dev
-
Rivers12 hours agoPolice Launch Community-Centred National Day Celebration In Rivers, Today
-
Oil & Energy12 hours agoTranscorp Energy, Renewvia Partner On Renewable Energy Gap
-
Business12 hours agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Business12 hours agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Maritime12 hours agoMWUN Raises Alarm Over Port Security Lapses In Lagos
-
Maritime12 hours agoNNS Hands Over Two Suspected Stowaways to Immigration Service
-
Environment12 hours agoWDC: Rivers State Deputy Governor, Prof. Odu Call Inclusion Of Woman And Girls Decision Making