Business
Buhari Lauds China For Addressing Nigeria’s Infrastructural Deficits
President Muhammadu Buhari has applauded the Chinese government for addressing Nigeria’s infrastructural deficits in the area of roads, rails and power.
The President gave the commendation when he received the Board of Directors of the Nigerian Economic Summit Group at the State House, Abuja, on Monday.
According to him, since the nation’s independence, no country, such as China, has exhibited commitment towards Nigeria’s infrastructural development.
He, therefore, commended the Chinese government for its support in improving infrastructure in Nigeria.
“We send our gratitude to the Chinese for all their support to Nigeria. Since Independence, no country has helped our country on infrastructural development like the Chinese.
“In some projects, the Chinese help us with 85 per cent payment, and soft loans that span 20 years.
“No country has done that for us as far as I can remember,’’ he said.
According to him, his administration remains resolute and focused on delivering on the three-pronged promises to the people.
The focus are securing the lives and properties of Nigerians, halting the pillage of the economy by corrupt public officials and creating employment opportunities for the youths.
He said the initial economic challenge posed by recession was already dwindling, with the economy smarting out and posting better results on falling inflation rates, higher foreign reserve and better ranking on ease of doing business.
“If you look critically into the 2018 budget, we have already taken into account key issues of more stable electricity, construction of roads and rails, and the airport concession,’’ he said.
The President said the government would work more to accelerate and increase momentum in agriculture, power, gas, manufacturing and processing.
He assured Nigerians that the rising attacks on communities by herdsmen would soon be brought under control by security forces deployed to the vulnerable areas across the country.
He said the unfortunate incident of attacks, which had resulted in loss of lives and properties, had already brought sorrow and hardship on many Nigerians.
Buhari said the government would continue to strengthen its relationship with the NESG, especially in integrating its recommendations into policies for improving the livelihood of all Nigerians.
In his remark, the chairman of the NESG Board of Directors, Mr Kyari Bukar, commended the government for the “pragmatic approach’’ in engaging with citizens of Niger Delta region which had translated into steady rise in oil production.
“Your Excellency, we salute your courage in providing support to the states that have had fiscal challenges.
“We recognise that without the intervention of the Presidency, many state governments would have been unable to pay salaries last year,’’ he said.
Bukar said the outlook on the economy remained upwardly positive, projecting a 3.5 per cent GDP growth.
He urged the President to pay more attention on the herdsmen attacks, which could reverse the gains recorded in the agricultural sector.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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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