Business
Abia To Revive Ailing Industries, Address Unemployment
Governor Theodore Orji of Abia says his administration is set to revive ailing industries in the state to address youth restiveness and unemployment.
He said in Abuja on Sunday that companies that would be revived include Golden Guinea Breweries Ltd. and the state’s glass industry in Aba, among others.
“We have set up an agenda that will keep our people busy, especially the youths. One of those ways of doing this is to revive some of the moribund industries that we have in Abia State.
“We have the Golden Guinea Breweries Limited that used to produce larger beer, stout and soft drinks and that industry employed a lot of people but it has been moribund for a number of years now.
“We have put up a machinery to revive it. When we revive it, people will be employed, there will be job for people and food will come through job creation; wealth will be created.’’
Gov. Orji also spoke of the state government’s plans to revive and expand the Aba-based glass factory, which produces nearly 85 per cent of the pharmaceutical bottles used in the country.
“That factory is functional, but we want to expand it to the extent that it can start producing windscreens for cars, vehicles because we have the raw material, which is sand that is just gotten from the Aba River and Azumiri main river.
“That is another industry that we are expanding to employ our people.’’
Oji said, however, that the state government was delaying the commencement of operations at the state’s modern ceramics industry because of some initial technical problems relating to the partnership it entered into with the Catholic Church.
“They would have opened the industry but for the initial problem they are having, which they are trying to sort out now.
“The initial staff they employed was about 1,000 people and they were about making more employment until the economic downturn, but they are now trying to take off and be on stream.’’
According to the governor, youth unemployment has been identified to be responsible for the escalation of kidnapping in the state in recent times.
He said that in a bid to end the trend, his administration would work diligently to provide employment for the people of the state, especially the youth.
“When people are unemployed, when the youths are not doing anything and there is poverty everywhere, then the people can go out of their ways to do funny things,’’ he said.
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.
-
News6 hours agoRSG Reiterates Commitment To Youth Dev
-
Business3 hours agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Maritime3 hours agoMWUN Raises Alarm Over Port Security Lapses In Lagos
-
News6 hours agoKwankwaso Dumps NNPP, May Join ADC Today
-
Business3 hours agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Maritime3 hours agoMaritime Workers Demand Reinstatement Of Tally Clerks, Gangway Security Over Port Revenue Loss
-
Maritime3 hours agoNNS Hands Over Two Suspected Stowaways to Immigration Service
-
Rivers3 hours agoEducation Commissioner Lauds STAN Executive, Appreciates Support