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CBN Disburses N2.1trn Real Sector Support Facility

The Central Bank of Nigeria (CBN) has disbursed the sum of N2.1trillion under the Real Sector Support Facility Initiative.
The bank’s Director of Corporate Communications, Mr. Osita Nwanisobi, disclosed this afternoon, at the on-going 17th Abuja International Trade Fair, yesterday.
According to him, the disbursement was to 426 projects across the country, as part of CBN’s efforts to grow the nation’s economy.
Nwanisobi, who was representedby the Deputy Director, Internal Communications, Mr. Sam Okogbue, said, “For the records, under the Real Sector Facility, the Bank released the sum of N66.99billion to 12 additional projects in manufacturing and agriculture.
“Cumulative disbursements under the Real Sector Support Facility (RSSF) currently stood at N2.10trillion disbursed to 426 projects across the country.”
On the theme of this year’s fair, “Creating an Export Ready Market through SME Digitalisation,” the CBN spokesman said that the apex bank was determined to assist players in the sector to produce goods that meet international standards for export.
He said, “The Bank’s management is delighted that your chamber is spearheading conversations on the need to grow the nation’s economy through Small and Medium Enterprises (SMEs).
“This also underscores the CBN governor’s continued calls on Nigerians to not only support the thriving of the SMEs in the production of commodities in which they have comparative advantage but to produce, add value and export and earn foreign exchange.”
He added that the bank’s participation was an opportunity to sensitize members of the public on its policies and programmes, especially its strategic interventions for a sustainable economic development in Nigeria.
According to the director, “As part of efforts towards creating export market, particularly for non-oil commodities, driven by SMEs, the Bank, in collaboration with the Bankers’ Committee in February, 2022, initiated the RT200 FX Programme aimed at boosting earnings of stable and sustainable inflows of foreign exchange as well as insulating the Nigerian economy from shocks and other challenges arising from foreign exchange shortages.
“Our records show that the initiative has started yielding the expected results as importers and exporters have been taking advantage of the payment of incentives of N65 for every $1 repatriated and sold at the I&E Window to authorized dealer banks for other third-parties’ use and N35 for every $1 repatriated by exporter for own use on eligible transactions.
“The bank has continued to support the creation of export ready market, especially those that would add to Nigeria’s economic growth and development, through her interventions in different sectors of the economy.
“It is important to emphasize here that we take the issue of export-readiness of businesses seriously, hence we have always encouraged business to embrace our concept of Produce, Add Value and Export (PAVE).
“The PAVE concept aims to make Nigerians consume what they produce, add value to such products and export the surpluses. It is an initiative similar to the export-led industrialization policy of South-East Asia, which changed the economic fortunes of countries such as South Korea, Taiwan, Malaysia and Singapore. PAVE, which is designed to be the key for fast-tracking a bucket of substitutes to crude oil export, encourages backward integration for the local production of items in which we have comparative advantage.
“If it worked for the South-East Asians, it surely can work for us in Nigeria. I, therefore, urge SMEs to ensure that their products and services are export-ready and can compete globally.”
In his remarks, the President of the ACCII, Mr. Mustapha Abubakar, said that the fair provided a platform for networking and creating business relationships among companies.
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RSG Commits To Workers’ Welfare …. Calls For Sustained Govt, Labour Partnership

The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ekwe Ibas, has assured the commitment of Rivers State government to workers’s welfare and industrial harmony in Rivers State.
The Sole Administrator gave the assurance after meeting with leadership of organized labour unions at the Government House, Port Harcourt on Wednesday.
Ibas reaffirmed government’s policy of prompt payment of salaries and pensions to workers and retirees, stating that all local government employees are not receiving the approved minimum wage.
He disclosed that approval has been given for payment of newly employed staff at Rivers State University Teaching Hospital and the Judiciary, while medical workers in Local Government Areas will now receive correct wages.
Ibas explained that, Government is reviewing implementation challenges of the Contributory Pension Scheme ahead of the July 2025 deadline, adding that Intervention buses have been reintroduced to ease workers’ transportation ,with plans to expand the fleet.
He said specialized leadership training for top civil servants will commence within two weeks, while due consideration is being given to implementing the N32,000 consequential adjustment for pensioners and clearing outstanding gratuities.
Ibas commended Rivers State workers for their dedication to service and called for sustained partnership with labour unions to maintain industrial peace.
“This administration recognizes workers as critical partners in development. We remain committed to addressing your legitimate concerns within available resources,” he stated.
The State NLC Chairman, Comrade Alex Agwanwor, thanked the Administrator for the steps taken so far with regard to workers welfare while appreciating his disposition towards alleviating the transportation problem faced by workers.
He also expressed appreciation for the government’s openness to dialogue and pledged continued cooperation towards achieving mutual goals.
The Rivers State Government assured all workers of its unwavering commitment to their welfare and called for continued dedication to service delivery for the collective progress of our dear State.
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Labour Unions In Rivers Call For Improved Standard Living For Workers

The Nigeria Labour Congress (NLC), Rivers Council, has called for policies that will improve the economic situation of the country in order to ensure enhanced living standard for workers.
The State Chairman, Mr Alex Agwanwor, made the remark on behalf of the unions affiliated to Labour Congress during the 2025 workers day celebration in Port Harcourt, yesterday.
Agwanwor highlighted the demands of the Unions which included the immediate payment of pension arrears, implementation of the N32,000 minimum wage for pensioners, and payment of gratuities and death benefits without further delay.
“We are calling for the regulation and protection of e-hailing drivers, implementation of increments and promotions, and resolution of long-standing issues in the polytechnic sector,” he said.
Agwanwor on behalf of the unions appealed to President Bola Tinubu to reinstate the democratically elected Governor, Deputy Governor, and members of the Rivers State House of Assembly.
He stressed the importance of democratic governance and good working relationship with elected representatives.
According to him, the unions expressed disappointment over the imposition of taxes, increase in electricity tariff, and high cost of goods and services, which have further worsened the plight of workers.
“We urge the federal government to take measures to alleviate the suffering of citizens,” he said.
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Tinubu committed to unlocking Nigeria’s potential – Shettima

Vice-President Kashim Shettima says President Bola Tinubu is committed to unlocking Nigeria’s full potential and position the country as a leading force on the African continent.
Shettima stated this when he hosted a delegation from the Hertie School of Governance, Berlin, led by its Senior Fellow, Dr Rolf Alter, at the Presidential Villa in Abuja last Wednesday.
He said Nigeria was actively seeking expertise from the global best institutions to enhance policy formulation and implementation, particularly in human capital development.
The Vice-President noted that President Tinubu was determined to elevate Nigeria to its rightful position as a leading force in Africa.
“The current crop of leadership in Nigeria under President Bola Ahmed Tinubu is ready and willing to unleash the full potential of the Nigerian nation on the African continent.
” We are laying the groundwork through strategic reforms, and at the heart of it, is human capital development.”
He described the Hertie School as a valuable partner in the journey.
According to him, Hertie School of Governance, Berlin, has track record and institutional knowledge to add value to our policy formulation and delivery, especially in this disruptive age.
Shettima reiterated the government’s priority on upskilling Nigerians, saying ” skills are very important, and with our Human Capital Development (HCD) 2.0 programme.
“We are in a position to unleash the full potential of the Nigerian people by enhancing their capital skills.”
The Vice-President acknowledged the vital support of international development partners in that effort.
” I want to thank the World Bank, the European Union, the Bill and Melinda Gates Foundation, and all our partners in that drive to add value to the Nigerian nation,” he maintained.
The Vice-President said human capital development was both an economic imperative and a social necessity.
Shettima assured the delegation of the government’s readiness to deepen cooperation.
” We need the skills and the capacity from your school. The world is now knowledge-driven.
“I wish to implore you to have a very warm and robust partnership with the government and people of Nigeria.”
Shettima further explained recent economic decisions of the government, including fuel subsidy removal and foreign exchange reforms.
“The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.
“President Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” he added.
Earlier, Alter, congratulated the Tinubu administration for the successful launch and implementation of the Human Capital Development (HCD) strategy.
The group leader described the development as ambitious and targeted towards the improvement of the lives of the citizens.
He expressed satisfaction with the outcome of his engagements since arriving in the country.
He applauded the zeal, commitment, energy and goodwill observed among stakeholders in the implementation of Nigeria’s HCD programme.
Alter said the Hertie School of Governance would work closely with authorities in Nigeria across different levels to deliver programmes specifically designed to address the unique needs of the country.
He, however, stressed the need for government officials at different levels to be agile and amenable to the dynamics of the evolving world, particularly as Nigeria attempted to successfully accelerate its human capital development aspirations.
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