Business
Group Proposes Economic Turnaround Agenda
An economic group, the Nigerian Economic Summit Group (NESG), has proposed a six-point agenda that can help the Nigerian economic and political spaces thrive ahead of the 2023 elections.
The group at its National Economic Dialogue held at the weekend in Abuja, urged the Federal Government to rethink what socio-economic development outcomes meant for an average Nigerian, the role of the market and the private sector, and deepen sectoral reforms to support broad-based growth and competitiveness.
NESG urged Nigeria’s leadership to facilitate integrated national and sub-national approaches to economic inclusion and development, including pragmatic and actionable social sector reforms, and a workable and inclusive national security strategy.
Chairman of the group, Asue Ighodalo, in his keynote address, noted that the process by which parties selected their candidates during primaries, and the characteristics and capacity of persons chosen were crucial to the Nigerian dream.
“The Nigerian government has a pivotal role in addressing, with utmost urgency, six critical challenges causing economic dysfunction.
“These challenges are non-inclusive economic growth, macro-economic stability, infrastructure deficit, human capital deficit and skills gap, national insecurity, and weak economic competitiveness,” he said.
He noted that citizens must pay attention to the quality of the political system, processes, institutions and economic reforms.
“Our collective responsibility is to deliver a first-world country with happy and safe citizens. This is a call to national service. We must all be more involved, more selfless and tolerant, acting in the national interest”, he stated.
On his part, Director, Institute for Development Studies, University of Nigeria, Professor Osita Ogbu, said enough emphasis was not placed on inequality.
“Inequality undermines the trust, solidarity, and mutuality on which good citizenship is based. Once you have a non-inclusive growth economy, it’s a recipe for what we are already observing in this country.
“Poverty was pervasive in Nigeria as there were few rich people and many poor people”, he declared.
Former President of Nigerian Bar Association, Dr Olisa Agbakoba, said Nigeria had failed in its leadership.
“Why is it that from 1960 till date, barring one example or two, we have failed in leadership? If the head cannot absorb what is being said, nothing will happen…. There can be no Nigerian dream without a visionary president,” he stated.
Country Director, CARE International Nigeria, Dr Hussaini Abdu, said: “As a country, we are experiencing a huge social development crisis. The crisis in the university reflects the larger crisis in the education sector. The level of investment in healthcare is extremely poor. Seventy-seven percent of health service delivery in this country is out of pocket. This is how health service is being financed in this country, and it does not work anywhere. It means our health insurance system is not working. It only captures a few civil servants, and the poor are not getting good services.”
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.
Business
Yenagoa’s Radisson Hotel Ready December — NCDMB, Other
Business
RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing
-
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
