Business
MAN Holds 2019 AGM In PH …As Manufacturers Exhibits Products
The Manufacturers Association of Nigeria (MAN), Rivers/Bayelsa States Branch have concluded plans to hold the 35th Annual General Meeting (AGM) in Port Harcourt, theme: “Redeeming our Economic Potentials through Manufacturing.”
The chairman of the branch, Senator Adawari Michael Pepple made this known during a press conference in MAN’s secretariat, yesterday in Port Harcourt.
Senator Pepple who was represented by the association’s first vice chairman, Mr Vincent Okuku said MAN would also float the 4th exhibition of made-in-Nigeria goods, where over 45 companies, banks, Small and Medium Enterprises (SMEs), national agencies would participate.
“All companies would showcase their high quality products, made here in Rivers and Bayelsa States to prove to everyone that our products have comparative advantages over foreign manufactured products”.
The Vice Chairman said that over 5,000 persons are expected to visit the various stands, adding that the public lecture on the theme would be handled by a renowned business executive, Engr Reginald Ike Odia on the second day of the programme, July 10th 2019.
Fielding questions from newsmen, Okuku said that power supply was the greatest challenge for manufacturers in the state, as access roads has been handled to a reasonable extent.
He reiterated that the security challenge is affecting everybody, adding that it is not peculiar to Rivers State but all other parts of the country.
“When the youths get busy, the crime rate will reduce. Security situation is affecting business but is all over the country and not only Port Harcourt or Niger Delta,” he said.
He noted that manufacturers are passing through hard times in the country as the president “is a man that is controlled by his own decision.”
Okuku, who is also the Group Personnel Manager, Eastern Enamelware Factory Ltd called on manufacturers to strive to stay afloat in business, adding, “it is easy to close down a factory but difficult to re-start the company.”
He noted the need for producers to do their best to keep afloat as hard situations would not last forever.
MAN Vice Chairman commended the public for petronising made-in-Nigeria goods, stating that people have adjusted on the use and passion for foreign made goods at the expense of the country’s economy and products.
He noted the need for individuals and companies to utilise the business opportunity provided by the trade exhibition, adding that the two-day, 2019 AGM would better the lives of those seeking for business opportunities.
Lilian Peters
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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