Business
GDI Empowers 500 SMEs In Buguma
The Grassroots Development Initiative (GDI), has concluded a three-day Massive Grassroots Empowerment Programme of more than 500 residents of Buguma City, headquarters of Asari-Toru Local Government Area, Rivers State.
The scheme, sponsored by five stalwarts of the GDI, which lasted from last Saturday to Monday, also gave a total sum of N50million grant to support small and medium scale enterprises development in the area.
While Alabo Thorpe Tariah gave 100 men N100,000 each, Comrade Ibisobebo Wokoma rewarded three residents with car gifts, handed over documents for land property to a resident, distributed building materials, barbing equipment and cash gifts to over 100 persons.
Also, Comrade Telema George provided N100,000 each to 100 enterprising young persons, just as Comrade Asitoa Charles empowered 100 community youth who are already into business ventures to build up their capital and Mrs. Siya Eferebo handed over N100,000 each to 100 young girls and women in the area to enhance their business endeavours.
In a bid to also celebrate their own, the five sponsors of this empowerment exercise extended the largesse to some members of the organisation who went home with different amounts of cash gifts and other incentives.
The exercise which was colourfully flagged-off last Saturday, had in attendance the Vice-Chairman of PDP, Rivers West Senatorial District, Chief Odiari Princewill, who doubles as the leader of GDI in ASALGA.
Other dignitaries who grace the event and add colour to the flag-off event were Hon. Granville Tekenari Wellington, the member representing Asari-Toru Constituency 1 in the Rivers State House of Assembly; Hon. Orolosoma Amachree, former leader of Asari-Toru Legislative Assembly and Alabo Thorpe Tariah, the leader of PDP/GDI in Ward 6, Asari-Toru LGA.
The fifty million naira (N50,000,000) economic empowerment was targeted at providing capital outlay and improving the capital base of small and medium scale enterprises (SMEs) in the local government area was launched in the multi-purpose hall of the Asari-Toru council secretariat.
The empowerment exercise lasted from Saturday till Monday, 16th October, 2017 and recorded a total number of five hundred and fifty (550) beneficiaries.
Thousands of residents took to the streets to express their joy over this benevolent and philanthropic gesture of the pro-Wike group. Kalabari native songs of praise and celebration complimented with traditional dance steps, only seen during very special festivals, were on display to show how thankful and elated the people were of such gesture.
Speaking on the sidelines of the event, Princewill lauded the GDI stalwarts who thought it necessary to empower the people of the area by encouraging them with start-up capital to venture into small and medium businesses, which is the backbone of every thriving economy.
He charged all supporters and followers of the Rivers State Governor, His Excellency, Nyesom Ezenwo Wike, to emulate and imbibe his unparralled passion for grassroots empowerment and movement.
“To show that we are indeed loyal and true supporters of His Excellency, Nyesom Ezenwo Wike, CON, we need to continually replicate the love and burning desire of His Excellency in developing and improving lives of the common people at the grassroots.”
“With what have happened today, we will begin to experience an all turn around in the economy of Asari-Toru LGA, which will in the long run, boost the economic profile of Rivers State; engage the youths thereby curbing criminality and providing employment for our people”, he said.
In the same vein, Hon. Wellington charged the people to keep faith with the Gov. Wike led administration and to judiciously use and invest the capital provided them into a colossal capital base and also encourage them to invest in the LGA to blossom the economic fortunes of the area.
He said: “If God can use men to favour you at such a time when the year is about ending, then there is every reason to steadfastly have faith in God.
“Your support and prayers for the Governor Wike led state government will continually be rewarded. Asari-Toru people’s support for our amiable governor has thus far attracted infrastructural projects, appointment of our sons and daughters into juicy positions of trust and massive youth and women capacity development.
“For those who bankrolled this empowerment exercise, it is my prayer that our good Lord replenish your purses and uplift you in your personal and political lives. You all have once again shown that the people-oriented and empowerment blood of the New Rivers Vision family runs in your veins.”
“With the sustenance of economic empowerment and provision of soft loans to support businesses in our land, Asari-Toru LGA will in no distant time become the economic hub and Dubai of Rivers State.”
Overtime, Asari-Toru LGA has strongly been adjudged as an unwavering support base of the Rivers State governor. The governor’s foot soldiers in the LGA reinstated and re-emphasized this fact by extending and replicating the goodwill of the state governor to their people at the grassroots.”
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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