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CBN Disburses N1.452trn For 337 Real Sector Projects
The Central Bank of Nigeria (CBN) has said it had disbursed N1.452trillion to 337 large real sector projects in agriculture, manufacturing, services, and mining under the Real Sector Support Facility as part of the effort to diversify the nation’s economic base.
The CBN, Director, Corporate Communications Department, Osita Nwanisobi, who disclosed this, yesterday, during “CBN Special Day” at the ongoing 33rd Enugu International Trade Fair, also noted that N948billion was disbursed to 4,478,381 smallholder farmers under the Anchor Borrowers’ Programme.
Nwanidobi stated that the programme was yielding the desired objective as the beneficiary farmers cultivated 5.2million hectares of farmland, creating 12.6million direct and indirect jobs across the country.
Reeling out other interventions the apex bank had taken to revive the economy and create access to credit, he said CBN had extended the interest rate of 5percent across all its intervention loans to March, 2023.
He said “the recently launched Tertiary Institutions Entrepreneurship Scheme (TIES) is an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development through Agribusiness, Creative Industry, Science & Technology and Information Technology/software development.
“The broad objective of the 100 for 100 Policy on Production and Productivity (PPP) is to boost production and productivity, necessary to transform and jumpstart the productive base of the Nigerian economy.
“It is also expected that the Initiative will reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right companies and projects with potentials to immediately transform Nigeria’s productive base at every 100 days.
“The Bank has so far disbursed the sum of N29.51billion to 31 projects, comprising 16 in manufacturing, 13 in agriculture, and 2 in healthcare sector. The RT200 FX Programme, which stands for the ‘Race to $200billion in FX Repatriation was recently announced by the CBN in consultation with the Bankers’ Committee.’”
He added, “under our Targeted Credit Facility (TCF), which was meant to cushion the severe effects of COVID-19 pandemic, we have disbursed N368.79billion to 778,000 beneficiaries comprising 648,052 households and about 130,000 SMEs.
“The Bank also recently disbursed $8.50billion to six healthcare projects under the Healthcare Sector Intervention Facility (HSIF), bringing the cumulative disbursements to N116.72billion for 124 projects, comprising 31 pharmaceuticals, 56 hospitals, and 37 other health-related services.
“As part of the effort to further support the resilience of the healthcare sector, an additional tranche of N14.7 million was disbursed to five Researchers under the Healthcare Sector Research and Development (HSRD) Grant.”
Nwanisobi, however, noted that the theme of the fair, “Opening up Nigeria Business Windows for Competitiveness in the Emerging Global Market”, could not have come at a better time than now when the world economy is gradually opening up to businesses after the global lockdown that affected economies, leading to recessions.
While commending the leadership of the Enugu Chamber of Commerce, Industry, Mines and Agriculture for her efforts in organising this year’s Trade Fair, he said CBN was delighted that they are driving pragmatic conversations on reshaping the Nigerian economy through the fair.
“This perfectly fits into the bank’s drive towards diversification of the nation’s economic base and encouraging the export of non-oil commodities.
“It also underscores the CBN governor’s clarion call on Nigerians to not only focus on the production of commodities in which they have comparative advantage but to produce, add value and export so as to grow Nigeria’s economy and create jobs.”
Earlier in an address, the President of ECCIMA, Jasper Nduagwuike, commended CBN for its interventions in various sectors of the economy, adding that it had more than proved its commitment to seeing to the welfare and wellbeing of the Nigerian economy.
“The CBN can raise its shoulders in pride for the uncommon contributions it has made to not only the economy but the day to day life of the ordinary man.”
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RSG Reaffirms Commitment To Quality Education
News
RSUBE Holds Training For 1,000 New Teachers
The Rivers State Universal Basic Education Board (RSUBE) has trained 1,000 newly recruited teachers with a view to raising standards in public primary and junior secondary schools in the state.
The two-day orientation and capacity building programme held in Port Harcourt introduced the teachers to civil service rules, classroom management practices, and professional conduct expected of educators in the state.
The State Commissioner for Education, Dr. Peters Nwagor, told the newly recruited teachers that teaching demands more than academic qualifications, and called for discipline, diligence, and a strong commitment to service.
He described teaching as a noble profession that is central to the development of the state.
The recruitment, he said, reflects the government’s investment in children and long-term development.
“Education is the foundation of societal progress, and basic education is where that foundation is laid,” Nwagor stated.
He urged the teachers to shape the values and character of pupils during their most formative years.
He pledged continued support from the Ministry of Education through training, resources, and an environment that allows teachers to perform effectively.
Nwagor directed RSUBEB to reject transfer requests from rural to urban schools, saying the newly employed teachers have an obligation to serve where they are posted and help strengthen education in those communities.
In his opening remarks, the RSUBEB Chairman, Hon. Sam Oge, explained that the recruitment process began in 2023 under the previous board, adding that after assuming office, he consulted widely and secured Governor Siminalayi Fubara’s approval to complete the exercise.
Oge said the selection was competitive, with 1,000 candidates chosen from more than 5,000 applicants, and urged the teachers to treat the opportunity seriously and avoid lobbying for reposting.
He directed the teachers to resume at their assigned schools immediately, saying request for reposting will not be entertained.
The former RSUBEB Chairman, Ven. Dr. Fyneface Akah, who delivered the keynote address, described the orientation as the teachers’ formal entry into the civil service.
He urged them to be creative, purposeful, and open to learning on the job.
Akah stressed that teachers have a role in restoring values lost to moral decline, and urged them to model national values and see their work as a calling with lasting impact on the society.
He thanked the State Government for approving the recruitment, noting that the exercise will improve access to quality basic education across the State.
Akujobi Amadi
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INEC To Deploy 1.4m Corps Members For 2027 Elections
The Independent National Electoral Commission (INEC) has disclosed that no fewer than 1.4 million members of the National Youth Service Corps will be deployed for the 2027 general elections.
The Chairman of the commission, Prof Joash Amupitan (SAN), made this known on Monday during a courtesy visit to the Director-General of the NYSC, Brig Gen Olakunle Nafiu, at the Yakubu Gowon House, headquarters of the scheme, in Abuja.
Amupitan, in a statement signed by his Chief Press Secretary and Media Adviser, Adedayo Oketola, described the meeting with the NYSC senior management team as more than a formal courtesy visit, saying it was also a mission of gratitude.
According to him, the NYSC remains a critical pillar in Nigeria’s democratic process.
He noted that corps members had participated in virtually every election cycle since 1999, stressing that, “INEC cannot conduct elections in Nigeria without the NYSC.
“As the Chairman of the Independent National Electoral Commission, I am honoured to discuss our collaborative efforts toward ensuring seamless and credible elections in Nigeria.
“You provide the heartbeat of our field operations. When we speak of election manpower, we are essentially speaking of corps members.
“They are the most dedicated, educated and patriotic election duty staff we have, and their presence at polling units brings a level of neutrality and public confidence that is irreplaceable.
“They form the backbone of our election processes, especially as ad hoc staff, whose dedication, discipline and patriotism are critical to the success of our elections,” he added.
Amupitan said institutional data from the 2023 general election showed the importance of the partnership between INEC and the NYSC.
He explained that INEC deployed about 1.2 million ad hoc staff for the 2023 elections, with over 70 per cent, nearly 850,000 personnel drawn from corps members and student volunteers.
Speaking on preparations for the 2027 elections, the INEC chairman said more than 1.4 million ad hoc staff would be engaged, with corps members making up the majority.
“For the 2027 general election, we will require 707,384 ad hoc staff for the Presidential and National Assembly elections scheduled for January 16, 2027.
“The same number will be needed for the governorship and Houses of Assembly elections on February 6, 2027, making a total of 1,414,768,” he said.
He added that INEC would also require 52,446 corps members for the Ekiti and Osun governorship elections, as well as by-elections in Nasarawa, Enugu, Rivers, Ondo, Kebbi and Kano states.
Amupitan said corps members accounted for nearly 90 per cent of Registration Area Officers and Presiding Officers in many states during previous elections.
“These young Nigerians did not just facilitate voting; they protected the sanctity of the ballot in 176,846 polling units across some of the most difficult terrains in the country,” he said.
He further praised the corps members for their role in off-cycle elections, particularly the Anambra governorship election and the FCT Area Council polls.
According to him, their digital proficiency contributed significantly to the seamless operation of the Bimodal Voter Accreditation System.
“In those exercises, it was the digital proficiency of corps members that ensured the seamless performance of our BVAS, proving they are the tech-savvy backbone of our modern democracy,” he added.
Amupitan acknowledged the sacrifices made by corps members during elections and assured that INEC would continue to work with the NYSC and security agencies to strengthen safety measures and welfare packages for them.
As the 2027 general election approaches, we are committed to ensuring adequate mobilisation and preparedness of NYSC members for this important national assignment,” he said.
He also noted that the Ekiti and Osun governorship elections, scheduled for June 20 and August 15, respectively, alongside several by-elections, would serve as tests for innovations ahead of the 2027 elections.
Responding, Brig. Gen. Nafiu thanked INEC for its continued collaboration with the scheme.
He recalled that the Memorandum of Understanding between both organisations was signed in 2011 and had been periodically renewed.
Nafiu described corps members as credible, reliable and easily trainable manpower.
“The last batch of millennials will soon exit the scheme, leaving behind Gen Z corps members known for their digital savviness, which will benefit INEC,” he said.
He assured the commission of the NYSC’s continued support in both the 2027 general elections and upcoming off-cycle elections.
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