News
Fubara Empowers 3,066 MSMES With N4bn Soft Loan
Rivers State Governor, Sir Siminalayi Fubara, has formally launched the N4billion matching fund loan scheme that will stimulate business activities in the State while also creating wealth.
The launching, which took place at the Dr Obi Wali International Conference Centre in Port Harcourt last Friday, signaled the commencement of the disbursement of Rivers State Government/Bank of Industry (BOI) Limited N4billion marching fund loan scheme for nano, small and medium-scale businesses in the State.
Governor Fubara said the lack of access to credit had continued to aggravate financial exclusion and choked the prospects for individuals to realise their economic aspirations for a better life.
But with the scheme, which is a partnership between Rivers State Government and BOI, now launched, Governor Fubara emphasised that a surest path has been secured to achieve entrepreneurial success while serving as an enabler of economic prosperity in the State.
“Today, we are all here to witness the formal launch and distribution of cheques to 3,066 micro, small, and medium-scale enterprises and 100 companies in the State from all 23 local government areas, including businesses owned by non-indigenes valued at over N3.6billion only.
“We are satisfied with today’s outing and professionalism, believing even more strongly that the potential outcome will be greater to both BOI and the Government and good people of Rivers State.”
Governor Fubara explained that as a campaign blueprint, he promised, during his electioneering campaigns, to support entrepreneurial development and the growth of businesses through access to credit in the form of soft loans.
The Governor said, upon assumption of office, he noticed more closely how most businesses, especially those of small scale, struggled and either died or gasped in accessing credit that were only offered by banks at neck-breaking interest without success.
Governor Fubara pointed out that: “As a State, we cannot talk about economic growth without stimulating business activities to create wealth and jobs through policies and programmes that will engender greater public access to credit and financial inclusion.
“MSMEs are well-known as critical drivers of inclusive economic growth and development. By empowering our people to cultivate available economic opportunities, access to credit is a powerful tool for achieving financial security.
“We can only keep imaging the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the local government areas in terms of gross domestic product, increased tax returns, employment creation, income distribution and production of good and services.”
Governor Fubara made it clear that even if the loan appeared very liberal, it is not given as charity, and insisted that beneficiaries must pay back so that others can access it to fund their businesses.
The Governor, therefore, instructed the management of the Rivers State Microfinance Agency (RIMA) to monitor the progress of the beneficiaries in their businesses and ensure a 100 percent recovery of the loans to guarantee the sustainability of the programme.
Governor Fubara noted the gains of the symbiotic economic partnership between the State Government and BOI, and the transformed commitment to further strengthen and cultivate it for the benefit of the people of Rivers State.
In his address, the Managing Director/Chief Executive Officer of Bank of Industry (BOI) Limited, Dr Olasupo Olusi, represented by the Executive Director of Corporate Services and Commerical, Mr Usen Effiong, said they were particularly interested in ensuring that the collaboration is realised in steering socio-economic growth, creating jobs, checkmating social vices and growing the IGR of Rivers State.
“BOI remains committed and a strong pillar of development financing in Nigeria for over 60 years. Our remarkable record and total assets exceed N4trillion, which makes BOI the largest and most successful development finance institution in the nation.
“It will interest us to know that our total investment in Rivers State as at today stands at N55.65billion, which accounts for 55 percent of the total investment in the entire South-South. So, Rivers State alone is taking the chunk of our investment.
“We, as the Bank of Industry Limited, play a major role in supporting Nigerian enterprises by providing financial services, advisory services, and watch businesses grow from Nano to Micro to Small, Medium and getting to large enterprises.
“Our mandate is to create development impact which is in line with the economic blueprint of His Excellency, the Governor of Rivers State, and this cuts across various sectors ranging from agriculture, oil and gas, power and aviation, hospitality. This, we believe will crystalize industrialization and economic sustainability in Rivers State.”
Delivering his welcome address, the Managing Director and Chief Executive Officer of Rivers State Microfinance Agency (RIMA), Pastor Jonathan Tobin, said it was exciting that they were given the opportunity to contribute to achieving the dream project of Governor Fubara christened, “Touching Lives, Creating Wealth.”
Pastor Tobin stated that the timing of the launching of the scheme is auspicious because it was coming when the operating capital of most businesses have been eroded.
He explained that there are grave inflation rate and fluctuation of the foreign exchange regime, which have posed unbearable challenges to most micro businesses.
Pastor Tobin said the interest rate for loan collected under the scheme is single digit, which is 7.5 percent per annum, and reckons as the lowest in the country.
“Today, Your Excellency, we have four categories of borrowers. Those who are borrowing from N1,000 to N1,000.000. Those who are borrowing from above N1,000.000 to N50,000,000 are treated by our partners, Bank of Industry.
“If you are borrowing from N100,000 to N450,000, all you need to provide is just your passport photograph, the passport photograph of your guarantor, your NIN, and local government identification.
“For those who are borrowing from N500,000 to N1,000,000, all they need to provide is two passport photographs, their NIN, their means of identification, BVN, a guarantor with a cheque leaf. These categories of borrowers are treated in RIMA,” he added.
Pastor Tobin said further: “Those who are borrowing from above N1,000,000 to N10,000,000 will be treated in Bank of Industry. All they need is just a proof of registration of their businesses, two guarantors, a valid identification card, and a simple business plan.
”For those who are borrowing N10,000,000 to N50,000,000, all they need is a Corporate Affairs Commission Registration, two years’ audited financial record, a Certificate of Occupancy, BVN, tax clearance of the company and or the directors.
”Your Excellency, as at today, we have brought on board 3,066 beneficiaries, and they all are requesting for N1.632billion. Interestingly, women borrowers account for 58 percent while the men borrowers account for 42 percent.”
He urged Rivers people interested in forging a good and sustainable business path to approach the agency for support yo enable them contribute to the economic revival and growth of the State.
Highlight of the event was the official launch of the loan scheme and presentation of cheques to some successful beneficiaries from across the 23 LGAs and some small business owners by the State Governor, Sir Siminalayi Fubara.
Vice President Kashim Shettima has arrived in Addis Ababa, Ethiopia, for an official State visit at the invitation of the Prime Minister, Dr. Abiy Ahmed.
Upon arrival yesterday, Shettima was received at the airport by the Minister of Foreign Affairs of Ethiopia, Dr. Gedion Timothewos, and other members of the Ethiopian and Nigerian diplomatic corps.
Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, revealed this in a statement he signed yesterday, titled: “VP Shettima arrives in Ethiopia for official state visit.”
During the visit, Vice President Shettima will participate in the official launch of Ethiopia’s Green Legacy Programme, a flagship environmental initiative.
The programme designed to combat deforestation, enhance biodiversity, and mitigate the adverse effects of climate change targets the planting of 20 billion tree seedlings over a four-year period.
In line with strengthening bilateral ties in agriculture and industrial development, the Vice President will also embark on a strategic tour of key industrial zones and integrated agricultural facilities across selected regions of Ethiopia.
News
RSG Tasks Farmers On N4bn Agric Loan ….As RAAMP Takes Sensitization Campaign To Four LGs In Rivers
The Rivers State Government has called on the people of the state especially farmers to access the ?4billion agricultural loans made available by the State and domiciled in the Bank of Industry.
This is as the State Project Implementation Unit (SPIU) of Rural Access and Agricultural Marketing Project (RAAMP), a World Bank project, took its sensitization campaign to Opobo/Nkoro, Andoni, Port Harcourt City and Obio/Akpor local government areas.
The campaign was aimed at enlightening community dwellers and other stakeholders in the various local government areas on the RAAMP project implementation and programme activities.
The Permanent Secretary, Rivers State Ministry of Agriculture, Mr Maurice Ogolo, said this at Opobo town, Ngo, Port Harcourt City and Rumuodumanya, headquarters of the four local government areas respectively, during the sensitization campaign.
Ogolo said apart from the ?4billion, the government has also made available fertilizers and other farm inputs to farmers in the various local government areas.
The Permanent Secretary who is the Chairman, State Steering Committee for the project, said RAAMP will construct roads that will connect farms to markets to enable farmers and fishermen sell their farms produce and fishes.
He also said rural roads would be constructed to farms and fishing settlements, and warned against any act that will lead to the cancellation of the projects in the four local government areas.
According to him, the World Bank and Federal Government which are the financiers of the programme will not condone such acts like kidnapping, marching ground and other acts inimical to the successful implementation of the projects in their respective areas.
At PHALGA, Ogolo asserted that the city will benefit in the areas of roads and bridge construction.
He noted that RAAMP was thriving in both the Federal Capital Territory, Abuja; Lagos and other states in the country, stressing that the project should also be given the seriousness it deserves in Rivers State.
Speaking at Opobo town, the headquarters of Opobo/Nkoro Local Government Area, the project coordinator, RAAMP, Mr.Joshua Kpakol, said the programme would reduce poverty in the state.
According to him, both fishermen and farmers will maximally benefit from the programme.
At Ngo which is the headquarters of Andoni Local Government Area, Kpakol said roads will be constructed to all remote fishing settlements.
He said Rivers State is lucky to be among the states implementing the project, and stressed the need for the people to embrace it.
Meanwhile, Kpakol said at PHALGA that RAAMP is a project that will transform the lives of farmers, traders and other stakeholders in the area.
He urged the stakeholders to spread the information to their various communities.
However, some of the stakeholders at Opobo town complained about the destruction of their farms by bulls allegedly owed by traditional rulers in the area, as well as incessant stealing of their canoes at waterfronts.
At Ngo, Archbishop Elkanah Hanson, founder of El-Shaddai Church, commended the World Bank and the Federal Government for bringing the projects to Andoni.
He stressed the need for the construction of roads to fishing settlements in the area.
Also, a former Commissioner for Agriculture in the state and Okan Ama of Ekede, HRH King Gad Harry, noted that storage facilities have become necessary for a successful agricultural programme.
Harry also stressed the need for the programme to be made sustainable.
In their separate speeches, the administrators of Andoni and Opobo/Nkoro Local Government Areas, pledged their readiness to support the programme.
At Port Harcourt City, the Administrator, Dr Arthur Kalagbor, represented by the Head of Local Government Administration, Port Harcourt City, Mr Clifford Paul, said the city would support the implementation of the programme in the area.
Also, the administrator of Obio/Akpor Local Government Area, Dr Clifford Ndu Walter, represented by Mr Michael Elenwo, pledged to support the programme in his local government area.
Among dignitaries at the Obio/Akpor stakeholders engagement is the chairman, Rivers State Traditional Rulers Council and paramount ruler of Apara Kingdom, HRM Eze Chike Wodo, amongst others.
John Bibor
President Bola Tinubu has ordered the commencement of personnel audit and skill gap analysis across all cadres of federal civil servants.
The president gave this directive in Abuja, yesterday, while speaking at the International Civil Service Conference, reaffirming his resolve to achieve efficiency and professional service delivery in the civil service.
“I have authorized the comprehensive personnel audit and skill gap analysis across the federal civil service to deepen capacity. I urge all responsible stakeholders to prioritize timely completion of this critical exercise, to begin implementing targeted reforms, to realize the full benefit of a more agile, competent and responsive civil service,” the president announced.
Tinubu further directed all Ministries, Departments and Agencies (MDAs), to prioritise data integrity and sovereignty in national interest.
He called for the capture, protection and strategic publication of public sector data in line with the Nigeria Data Protection Act of 2023.
“We must let our data speak for us. We must publish verified data assets within Nigeria and share them internationally recognized as fruitful. This will allow global benchmarking organisation to track our progress in real time and help us strengthen our position on the world stage. This will preserve privacy and uphold data sovereignty,” Tinubu added.
President Tinubu hailed the federal civil service as the “engine” driving his Renewed Hope Agenda, and the vehicle for delivering sustainable national development.
He submitted that the roles of civil servants remain indispensable in modern governance, declaring that in the face of a fast-evolving digital and economic landscape, the civil service must remain agile, future-ready, and results-driven.
“This maiden conference is a bold step toward redefining governance in an era of rapid transformation. An innovative Civil Service ensures we meet today’s needs and overcome tomorrow’s challenges.
“It captures our collective ambition to reimagine and reposition the civil service. In today’s rapid, evolving world of technology, innovation remains critical in ensuring that the civil service is dynamic, digital” the President said.
Head of the Civil Service of the Federation, Didi Walson-Jack in her welcome address told the President that his presence and strong words of commendation at the conference has renewed the morale and mandate of public servants across the country.
Walson-Jack described Tinubu as the backbone of driving transformation in the Nigerian civil service, and noted that the takeaways from past study tours undertaken to understudy the civil service in Singapore, the UK and US under her leadership, is already yielding multiplier effects.
Walson-Jack assured Tinubu that her office, in collaboration with reform-minded stakeholders, will not relent in accelerating the implementation of the Federal Civil Service Strategy and Implementation Plan, FCSSIP 25.
She affirmed that digitalisation, performance management, and continuous learning remain key pillars in strengthening accountability, transparency, and service delivery across MDAs.
Walson-Jack reaffirmed that the civil service is determined to exceed expectations by embedding a culture of innovation, ethical leadership, and citizen-centred governance in the heart of public administration.