Small-scale businesses in Nigeria may soon receive a $1 billion lifeline, courtesy of the African Development Bank (AfDB) and the Federal Government.

The AfDB may have concluded plans to disburse $500 million to the small businesses in the country, while the Nigerian government said it would set aside $500 million in bonds to assist the growth of the small business enterprises in the country.

President Goodluck Jonathan dropped the hint of the impending lifeline for the small scale businesses few days ago, while addressing the Nigerian workers.

Our correspondent reports that the theme of Jonathan’s address was, “Growing the National Economy for Job Creation and People’s Welfare.’’

He said that to further boost the economy, the government was on the verge of reducing the interest rate to single digit to facilitate borrowing. “All these are aimed at boosting the economy and creating more jobs,’’ Jonathan said.

The president also said that 10 power plants were being constructed to boost electricity supply. He added, “we are also building hydro-power plants in Mambilla and Zungeru, as well as, various other sub-stations across the country.

“All these are aimed at ensuring steady power supply in the country and boosting the economy through the creation of the job opportunities.’’

On workers’ welfare, Jonathan said the government was conscious of their suffering but added that efforts were being made to improve their lot.

According to him, the passage of the minimum wage bill into law has ensured that no employee earns less than N18,000. He gave an assurance that the proposed construction of 845,000 housing units for civil servants would be realisable. The president was represented by Vice-President, Namadi Sambo.

Also speaking, the Minister of Labour and Productivity, Chief Emeka Wogu said the enactment of the Employees Compensation Act would address insecurity in the work place, he stressed that workers, who sustained injuries during while on service must be compensated.

He added, “we shall also continue to come up with policies to encourage and promote social dialogue, as well as, the establishment of viable, collective machinery in both the public and private sectors of the economy.’’

The minister expressed delight at the patience and attitude workers displayed during negotiations for the minimum wage, noting that Nigerian workers were among the best in the world.

Abdulwaheed Omar, chairman of the Nigeria Labour Congress (NLC), said although the economy was said to have grown by more than six per cent, unemployment and poverty remained critical challenges facing the nation.

Omar urged the government to take steps to quickly reverse the current rise in the inflationary level.

“What we seek is a balance and inclusive growth; what is needed is the developmental state that will lead to creation of an economy that is people centred, one that would promote true development and not jobless growth,’’ he said.

Chairman of the Trade Union Congress, Mr. Peter Esele, said the challenge facing the country was to generate more wealth to meet a growing population that was projected to double in 2050.

Esele noted that increasing the size of the economy would require an annual gross domestic productivity growth in double digits to achieve the country’s 2020 millennium goal.