Business
PH Residents Want Expansion Of Iloabuchi Road
Following the completion
of the Eagle Island road project by the Rivers State Government under Governor Nyesom Wike barely two months into his administration, residents and other road users have called for the expansion of the Iloabuchi axis of the road.
A cross section of the residents who spoke to our correspondent said when the Eagle Island Road would fully be opened to the public it would attract more traffic.
According to Mrs. Nkiru Orlu, a timber dealer at the popular timber market, the government should correspondingly expand the Iloabuchi road to avoid hold-up.
She explained that as soon as the road was opened to all manner of traffic, the area would witness increase in both vehicular and human traffic.
“Let me tell you, as soon as government commissions this road, people will no longer go through Ikwerre Road and Agip axis to get to Eagle Island,” she said.
She explained that the development would cause hold-up on daily basis throughout the length and breadth of the over used Iloabuchi street.
For Boniface Andrew, a landlord at one of the adjoining streets, the Iloabuchi Street should be expanded.
He said though it was evident that houses would be made to give way, he expressed confidence that the Rivers State government was capable of paying compensation to those whose property may be affected.
Andrew also opined that the market should be moved farther away from the Iloabuchi main road even as he accused timber traders of encroaching on the street during their business hours.
Also lending his voice, a taxi driver who gave his name as Asuquo Akpan and plys the Education/Iloabuchi route, said expansion of the road was long over due.
According to him, most commercial drivers avoid the Iloabuchi road due to its narrowness coupled with the poor state of the road.
He said it was evident that when the Eagle Island road was fully open to the public, the Iloabuchi axis would be over stretched.
“No doubt, as soon as they open that road (Eagle Island) every person will like to use it especially bus and taxi drivers,” he said.
It would be recalled that Governor Wike gave directive to the contractor handling the abandoned Eagle Island road project shortly after he was sworn in as governor in May 29, 2015.
The road has since been completed and awaiting commissioning.
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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