Business
A’Ibom Tourism Operators Hail Inauguration Of Power Plant
Tourism operators in Akwa Ibom have hailed the inauguration of the Ibom Power Plant by President Goodluck Jonathan, describing it as lifeline for them.
They expressed optimism that power from the plant would help in reviving businesses, which had been made unprofitable and moribund by perennial lack of electricity supply from the national grid.
The operators, members of Akwa Ibom Hospitality and Tourism Operators Practitioners Association (AKHTOPA) said power was central to economic development, especially in their business, where people did not accept excuses.
It would be recalled that the 190-megawatt capacity power plant was switched on by the president during his two-day visit to Akwa Ibom on July 8.
The Chairman of AKHTOPA in Eket zone, Mr Sammy Eshiet, told newsmen that power was crucial to hospitality business, as people, who lacked supply in their homes and offices always resorted to hotels for relaxation.
He said that under the poor power supply condition, hoteliers in the state had problems coping with providing services, adding, “some survived, but under heavy overhead, while many went under.
He said that most employees in the sector lost their jobs as a result of the downturn in business and expressed the hope that the new power plant would rejuvenate the sector.
Eshiet, who is the proprietor of Precious World Resorts Ltd, Eket, said, “Our greatest headache is power; many hotels and tourism facilities have closed down because of the exorbitant running cost.
“The situation also threw a lot of people back into the labour market because, as you know, hospitality sector is a big employer of labour and with this power problem, many people were laid off.
“But if we can have steady power supply now, dying businesses will be revamped and growth in the economy will be accelerated.’’
He, therefore, urged Jonathan to urgently address the energy crisis in the country and put the economy back on track, adding that the Akwa Ibom example needed to be replicated around the country.
Eshiet expressed optimism that the country had adequate resources to overcome the challenges confronting it, and said that all that was needed was “the will to change things’’.
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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