Business
Group Tasks Firms On Renewable Energy
A Non Governmental Organisation, the Environmental Rights Action/Friends of the Earth, Nigeria (ERA/FoEN) has urged energy firms operating in the Niger Delta region to intensify research efforts into renewable and non-fossil fuels.
Head of Field Operations at ERA/FoEN, Mr Alagoa Morris, made the call in Yenagoa while speaking to newsmen.
Morris said there was the need to diversify the nation’s energy mix and reduce the emphasis on oil and gas prospecting due to their adverse effects on the ecosystem.
He frowned at indiscriminate seismic activities by oil firms in the residential area in Yenagoa.
This has been ongoing in Yenagoa in the past two months.
ERA/FoEN, in a reaction to the development, noted that the aggressive search for oil in residential areas was ill-advised.
According to Morris, the present convention is to develop alternative energy sources that are environmentally friendly.
The group said the sound of explosives creates panic among residents and wondered why there was no sensitization to enlighten residents and assure them of safety.
He said some residents, who expressed their concerns on the oil exploration activities told the NGO that seismic cables traversed their houses and often disrupted their social and economic activities.
Hear him “the residents express fears that if oil was struck, they may be compelled to relocate. Some residents, however, expressed optimism that if crude oil/gas is found on their land, it would bring fortune to them.
“ERA/FoEN: a Non- Governmental OrganiSation observed that the seismic cables were laid at the doorsteps of some residences, shops/business environment, roadsides and even in the middle of roads in Yenagoa.
“It is unimaginable that while the world is progressively shifting away from fossil energy, to developing renewable energy; the Federal Government and Shell are still exploring crude oil and gas.
“The explosives detonated during the search for oil was responsible for the earth tremor incidents reported by ERA last year.’’
He urged the federal government and oil firms to leave the oil/gas in the soil and go for the renewable sources of energy.
This advice, he said became necessary, considering the social and environmental conflicts and injustices associated with fossil energy.
“Government should protect the rights of Nigerians to live and go about their businesses in an environment conducive to their development in line with Article 24 of African Charter on Human and People’s Right.
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.
-
News11 hours agoRSG Reiterates Commitment To Youth Dev
-
Business9 hours agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Rivers9 hours agoPolice Launch Community-Centred National Day Celebration In Rivers, Today
-
Business9 hours agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Maritime9 hours agoMWUN Raises Alarm Over Port Security Lapses In Lagos
-
Maritime9 hours agoNNS Hands Over Two Suspected Stowaways to Immigration Service
-
Environment9 hours agoFG Alls For stronger Partnerships, Women Inclusion In Water Governance
-
Environment9 hours agoWDC: Rivers State Deputy Governor, Prof. Odu Call Inclusion Of Woman And Girls Decision Making