Business
Institution Appeals For Release Of Counterpart Fund
The Akwa Ibom State Rural Finance Institution (RUFIN), has lamented the non- release of counterpart fund to ensure the success of the poverty-eradication programme in the state.
Speaking in an interview with newsmen in Uyo, the state Coordinator of RUFIN, Mr Earnest Awakessien, said the state government had not released its counterpart fund for 2011 and 2012.
He said that release and payment of the fund by the state government would attract 2.5million dollars from the international donor agencies to the state for successful implementation of the agricultural empowerment programme.
“Since the RUFIN programme is Counterpart Cash Contribution (CCC)- based, Akwa Ibom government had made a budgetary provision of N80 million for 2011 and the same amount for 2012 in the approved estimate.
“The fund is meant to take care of the government annual counterpart cash contribution and the soft loan microcredit facility assistance to the RUFIN farmers groups across the three senatorial districts of the state,’’he said.
Awakessien said that Akwa Ibom government was the first among the 12 states running the programme to pay its counterpart funding to kick start the empowerment programme.
He, however, expressed worry over the hitches experienced in the remittance of subsequent counterpart funds by the state government.
“We are sure the governor will release the counterpart fund so that we can access that of the international donors, but I feel something is wrong somewhere as we have been sending reminders,” he said.
According to him, the programme is important to the growth of the economy of the state as it contributes to the reduction of poverty through improvement of income, food security and sufficiency.
“The programme will also help to improve the general living conditions of the rural poor households with particular focus on women, youths and the physically challenged,’’ he added.
Awakessien said that the objective of the programme is to develop and strengthen microfinance institutions, establish a linkage between these institutions and formal financing institutions in order to create a viable and sustainable rural financial system.
He said that the essence of the programme was to enable the rural population to have access to credit facilities which would help them improve the productivity of small rural enterprises.
Awakessien said the state RUFIN had provided capacity training on financial management to the farmers, adding that more than 500 groups, including 20,000 households had been mobilised in the three senatorial zones.
He maintained that 240 of the said groups had been linked to micro-finance banks and other micro institutions where a total of N34 million had been mobilised as savings from the groups.
Awakessien said that more than N56 million had been extended to the rural folks as soft credits.
He commended the governor, Chief Godswill Akpabio, for creating the enabling environment for the programme to thrive, adding that release of the counterpart fund would enhance success of the programme.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin 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 Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters