Business
RIMA Set To Disburse N23m …Targets 40,000 People For Empowerment
The Rivers State Micro Finance Agency (RIMA) is now set to disburse the N23 million loan provided by Prince Tonye Princewill to women in the 23 Local Government Councils of the state.
The Managing Director/Chief Executive Officer of the agency, Sir Innocent Harry, said the money will be accessed through micro finance banks in the state.
Harry who spoke with newsmen in Port Harcourt Monday, noted that the would-be beneficiaries must pass the agency’s test.
Such test, he explained, will include ownership of a viable business, saying that applicants must come from one of the local government councils.
The Tide learnt that each LGA will receive N1 million to distribute among women at low interest rate.
According to him, each women may not access more than N100,000 adding that the agency will ensure that the loan is paid back when due.
Going by the calculation, about 2,300 women are expected to benefit from the pilot scheme in the 23 local governments.
He stated that his agency is targeting to empower 40,000 people in the state before the end of this year.
The RIMA boss, who lauded Princewill for his gesture, called on public-spirited individuals as well as companies operating in the state to key in and provide loan schemes, adding that the agency is trustworthy.
Also speaking, the provider of the loan, Prince Tonye Princewill, said it was part of his efforts to reach out to the poor.
Princewill admitted that poverty is prominent in rural areas, hence the quest to eradicate it (poverty) among the people.
Though not given as charity, he expressed hope that it will go a long way in assisting women in their various businesses.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.