Business
RSG To Increase Agric Funding
As part of efforts to boost food production in the state, the Rivers State Governor, Rt Hon. Chibuike Amaechi has promised to increase funding on agriculture with a view to diversify the economy of the state.
The governor made the promise at the official launching of the World Bank assisted third National Fadama Development Project (NFDP -111) on Thursday at the ADP demonstration farm, Rumuodomaya, Obio/Akpor local government area.
Governor Amaechi who was represented by the Commissioner for Commerce and Industry, Ogbonna Nwuke, said government is poised to diversify its economy, noting that agriculture has become the major source of energy and raw materials to allied industries.
According to him, to boost the haulage of farm produce, government is creating more feeder roads in the rural areas, assuring that there is no going back in the payment of the counterpart funding. He stressed the need for local government councils to embrace the project as a way to create jobs for the youth s.
He indicated the readiness of government to partner all relevant agric agencies to boost production.
In his address, the Rivers State Commissioner for Agriculture, Emma Chinda, said that Fadama lll project is an agricultural diversification project designed to sustainably increase the incomes of users of rural land and water resources, as well as support government strategic objectives toward enhancing economic growth of the non-oil sector through the empowerment of communities in the rural areas where over 70 per cent of farmers resides.
According to him, the state received an initial credit of $600,000 at the payment of minimum mandatory yearly counterpart fund contribution of N56,355,148 to support small scale rural infrastructures and the rural poor engaged in economic activities.
Earlier, the state Fadama Co-ordinator, Kingsley O. Amadi said that the World Bank approved and released the sum of $250 million for funding of the project in Nigeria, pointing out that Rivers State was allocated the sum of $7,852,530 to fund the up and down stream sectors.
He said the major objective of the project is to sustainably increase the incomes and productivity of the rural farmers by funding their selected productive activities through grants.
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.
-
News18 hours agoRSG Reiterates Commitment To Youth Dev
-
Oil & Energy16 hours agoTranscorp Energy, Renewvia Partner On Renewable Energy Gap
-
Rivers16 hours agoPolice Launch Community-Centred National Day Celebration In Rivers, Today
-
Business16 hours agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Business16 hours agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Maritime16 hours agoMWUN Raises Alarm Over Port Security Lapses In Lagos
-
Environment16 hours agoFG Alls For stronger Partnerships, Women Inclusion In Water Governance
-
Maritime16 hours agoNNS Hands Over Two Suspected Stowaways to Immigration Service