Business
Coalition Hails CBN Over Intervention Initiatives
The Coalition of Civil Society, on Monday, hailed the Central Bank of Nigeria (CBN), over intervention initiatives geared towards boosting economic activities to create employment and wealth among Nigerians under the Buhari-led administration.
This was stated by the National President, Coalition of Civil Societies, Comrade Etuk Bassey Williams, at the All Civil Society National Economic Summit organised by Coalition of Civil Societies, which was held in Abuja.
Etuk, who made the acknowledgment while explaining the theme of the Summit, ‘Post COVID-19: Understanding The Economic Interventions of CBN & the Roles of Civil Society Groups’, called on the Apex Bank to go on more advocacy and interventions to mitigate the impact of the pandemic on socio-economic lives of Nigerians and businesses.
According to him, the CBN is doing a lot in terms of interventions to boost the economy, but much is not heard and known about them or do not know how to access the supports.
He also said the Summit was held at a time the country needs mechanisms to be put in place to revamp the economy in the post-COVID-19 pandemic era, which these interventions and programmes of the Federal Government through the CBN can make the desired impact.
He said: “This effort of the Federal Government has further demonstrated its willingness to alleviate the sufferings resulting from unemployment and poverty. It is also aimed at the enlightenment of our stakeholders, particularly the youths on the many interventions of the government and how to access them.
“But we want to recommend to CBN and other agencies of government to get involved in more advocacy programmes using credible civil society groups in reaching the people and explain these policies and benefits more to the people. It is time to build back the Trust.
“This is the summit is also an attempt to generate fresh narratives that will help shape the perceptions of Nigerians on the impact and efficacy of several monetary and palliative policies during the lockdown period introduced to address the resultant economic challenges occasioned by Covid-19 pandemic.
“Considering also our civic responsibility of interfacing between government and the civil populace, it is right that we support viable and proactive intervention policies of the government.
“Major interventions introduced by the CBN include: Accelerated Agriculture Development Scheme (AADS), Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS)), Real Sector Support Facility (RSSF), Credit Support for Health Sector and Creative Industry Financing Initiative, etc. The whole essence of these efforts by the CBN is to create support for businesses in order to avert recession and headship during and post the Covid-19 pandemic.
“It is our expectation that at the end of this summit we would have understood the scope and impact of the many intervention policies of the CBN on businesses and households, and also suggest to the government on how to sustain it and make it accessible.”
Meanwhile, the coalition in a communique after the summit tasked Nigerians to hold public office holders accountable for their responsibilities and service to the people in order for them to sit up and do the right thing and deliver the good.
“There is a need for training civil societies at the national level to help the government inform the citizens of government politics and intervention.
“There is a need for behavioural change among the citizens toward properly understanding government policies. The civil societies should collaborate to discourage ethnic divide and promote unity”, he added.
However, the coalition called on Nigerians to get involved in government intervention programmes that will benefit them, especially in the area of entrepreneurship.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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.
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