Business
RIMA Plans Microfinance Training In Varsities
The Managing Director/Chief Executive of Rivers State Microfinance Agency (RIMA), Mr Innocent Iyalla Harry has revealed the intention of the agency to introduce microfinance training into the curricula of Nigerian universities.
The RIMA Chief Executive, who stated this in an interview with The Tide in his office in Port Harcourt said that the agency plans to achieve the target before the expiration of his tenure in the agency.
He noted that the move falls within the medium business plan of RIMA which aims at making impressive impact that will pay off in the future, in the area of educating entrepreneurs and microfinance banks to adopt best practices.
“We are eager to train micro-finance banks to adopt best practices and also to make a mark in the finance industry”, he said.
He noted that RIMA as a change agent to the rural area entrepreneurship empowerment, has succeeded in empowering 2,600 entrepreneurs across the 21 rural areas of the state, adding that so far the agency has created 2,600 jobs and equally recovered 95% of the loans within the stipulated time.
The RIMA boss, however, stated that the major challenge of the agency is funding, as it moves to execute its numerous targets.
“We try to hold down on our cost and make sure we step up our revenue in order to succeed in breaking even”, he added, noting that his happiness is that the loans get to the 60% active poor citizens that are targeted unlike the former practice.
“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.