Business
Credit Bureau Advocates Speedy Implementation Of Unique Identifier For Nigerians
The Managing Director of CRC Credit Bureau Limited, Mr Tunde Popoola has urged the federal government to speedily implement a unique identifier for every Nigerian to have easy access to credit.
Popoola gave the advice at the bi-monthly forum of the Finance Correspondents Association of Nigeria (FICAN) with the theme, “Economic Growth through improved Access to Credit”, in Lagos.
“A significant issue still affecting access to credit in Nigeria is lack of unique identifier for every inhabitant.
“The country has multiple forms of government issued identifiers for individuals, including National ID, Bank Verification Number, Drivers’ License, Voters Card and International Passport.
“The truth is, there is no need for us to have cards as means of identification, what we need is just a unique number for all,” he said.
The Managing- Director said that countries in Europe, as well as America, Egypt and India had unique identifiers which had helped to improve their economies.
Popoola said: “India commenced deployment of unique identifier in 2009, today, about 1.1billion Indians out of a population of 1.3 billion have government-issued unique identification numbers.
“Nigeria also needs to embrace a unique identifier”.
The CRC boss said lack of unique identifiers had made data matching in Nigeria tedious, cumbersome and expensive for bureaux.
He said that a bureau relied on identification of data subjects to be able to match and merge data and develop innovative products for the market.
Popoola said that the BVN introduced by the CBN does not fully solve the unique identifier challenge, as data providers were unable to fully provide BVNs for legacy accounts.
The Managing- Director commended efforts of the National Identity Management Commission (NIMC) in ensuring citizens registration, urging them to speed up the coverage of the country.
He said that unique identifier would enhance the efficiency of block chain and machine learning technology and their deployment to ease access to credit.
Popoola said that prompt dealings and disposal of commercial cases by the judiciary, especially those between lenders and borrowers, would help the system.
He said that it would engender confidence and boost a credit economy.
According to him, a few initiatives have been introduced in this sphere, but more still needs to be done.
He canvassed the formalisation of SMEs and adoption of basic governance practices to improve their access to finance.
“Simple financial record keeping, auditing of financial records, putting structures around the day-to-day running of the business can go a long way in building the confidence of financial institutions and other providers of funds in dealing with them,” Popoola said.
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Business
FCTA, Others Chart Path To Organic Agriculture Practices
The Federal Capital Territory Administration (FCTA) and other stakeholders have charted path to improved organic agriculture practices nationwide.
At a 2024 national organic and agroecology business summit held recently in Abuja, stakeholders took turn to speak on the additional areas of promoting the practices.
The Mandate Secretary, FCT Agriculture and Rural Development Secretariat (ARDS), Lawan Geidam, advocated for sustainable practice to develop resilient food systems that will benefit people.
The event, with the theme,”Towards Policies for Upscaling Organic Agroecological Businesses in Nigeria”, is aimed at fostering growth in the organic agriculture sector.
Geidam, who was represented by the Acting Director, Agric Services, in the Secretariat, Mr. Ofili Bennett, emphasised the success of organic and agroecological farming, reling on the active involvement of farmers, businesses and consumers.
He reassured attendees that the FCT Administration, led by the Minister, Nyesom Wike, and Minister of State, Dr. Mariya Mahmoud, remains dedicated to supporting initiatives that enhance the livelihood of residents.
Geidam described the partnership between the Secretariat and the organic and Agroecology initiative for a monthly exhibition and sale of organic products in the FCTA premises as a testament to this commitment.
“The ARDS remains committed to driving policies and initiatives that align with national goals and global standards”, Geidam said.
On her part, the Chairperson of Organic and Agroecology Initiative, Mrs. Janet Igho, urged residents to embrace healthy eating habits to sustain a good lifestyle. She stressed the importance of adopting organic practices, highlighting the benefits of going organic, growing organic and consuming organic products.
Igho expressed her optimism regarding the Agricultural Revival Programmes as articulated in President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which aims at fostering food and nutrition security.
She also extended her gratitude to ARDS for graciously allocating a space in the FCTA premises for the exhibition and sale of organic products, noting that the platform has been effectively used to advance the promotion of organic agriculture in FCT.
Igho outlined several benefits of organic agriculture which includes improved soil health, increased biodiversity, availability nutritious and healthy food and a reduced carbon footprint.
Stakeholders at the summit, underscored the critical need for enhanced private sector involvement and robust capacity building initiatives for farmers.
They highlighted the importance of implementing supportive policies to foster the growth of the organic agriculture sector.
In the light of the significant challenges facing Nigeria’s agricultural landscape, stakeholders decided that organic agricultural practices present sustainable solutions and a pathway for a more resilient and productive farming systems.
The three-day summit featured exhibitions showcasing organic foods, fruits, vegetables and fertilizers, providing an opportunity for residents to better appreciate the benefits of production and consumption of organic agricultural products.
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