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Edo, BoI Unveil Fund For 50,000 Entrepreneurs
The Edo State Government and the Bank of Industry (BoI), have unveiled a Micro, Small and Medium Enterprise (MSME) development fund worth N2 billion to support entrepreneurs in the state.
The fund was launched during a citizens’ engagement session organised by the Edo State Skills Development Agency, also known as Edo Jobs, held at the Government House in Benin City.
Speaking at the event, Governor Godwin Obaseki said, “The Bank of Industry (BoI), which is a reliable partner, is here today to launch the MSME fund. The initial amount is N2 billion. Edo State Government provided N1 billion, while BoI provided the other N1 billion, making it N2 billion, with an attractive interest rate.”
”In addition, we have a N165 million fund, as part of the first tranche from the Edo State Government. It will be made available to small businesses, which are currently domiciled in our production hub, to support and encourage them to grow their businesses.
“BoI has the capacity and resources to support this kind of programme. From this N2 billion fund, we estimate that we can impact as many as 50,000 businesses in Edo State. We have other facilities with other institutions like the Central Bank of Nigeria (CBN). This is a start-up fund, as we expect it to continue to grow: If you start with N50,000, now and when you do well tomorrow in your business, you will need N200,000.
Borrowing is part of business, provided you continue to grow,” the governor stated.
The Governor assured that despite the Covid-19 pandemic, his administration remained committed to improving the livelihoods of the people and creating opportunities for the youths to thrive.
He stated: “We have continued to create opportunities for Edo youths as our administration is open, transparent and competent in all we do. We urge Edo people to trust us, as all the opportunities that we present are real, and life-transforming for Edo people.”
On his part, Managing Director/Chief Executive Officer, BoI, Mr. Olukayode Pitan, said that “in a quest to grow and develop MSME businesses in the country, the bank has resolved to continue to collaborate with existing enterprises, as well as reputable local and international partners.
“This MSME fund is aimed at providing business loans to enterprises located within the state, while the second fund is the N165 million Edo Production Hub Fund, financed by the Edo State Government. The Edo Production Hub Fund is managed by the BOI and is to support businesses located within the state-owned production hub.”
Later, the governor and his team, as well as his guests were also taken on a guided tour of the Edo Production Hub. They also commissioned the new Bank of Industry building in Benin City.
The Rivers State Government has vowed to enforce strict compliance with approved building plans by property owners and developers in the State to guarantee safety and adherence to regulatory standards.
The Commissioner for Physical Planning and Urban Development, Rt. Hon. Evans Bipi, in his inaugural meeting with the Permanent Secretary, Directors and staff of the Ministry, said he would ensure full implementation of the Physical Planning Development Law of the State.
He warned that the Rivers State Government will no longer condone a situation where developers make deliberate adjustment or completely deviate from approved building plan in the execution of their projects without recourse to the Ministry.
Hon. Bipi solicited the cooperation of the civil servants of the Ministry while promising to run an open door policy and be easily accessible.
He also promised to right the wrongs, make a positive impact and leave an enduring legacy in the Ministry.
He promised to enhance the physical landscape and aesthetic of Old and New GRA as well as other parts of Port Harcourt.
In his remarks, the Permanent Secretary of the Ministry of Physical Planning and Urban Development, Surv. Wisdom Hebron, assured the Commissioner of maximum cooperation to foster a harmonious working environment.
Rivers State Governor, Sir Siminalayi Fubara, has approved the payment of N85,000.00 as the new minimum wage for civil servants in the employ of the Rivers State Government.
This is the agreement reached during a closed door meeting presided over by the Governor and attended by representatives of organised labour under the auspices of the Joint Public Service Negotiating Council in the State at Government House in Port Harcourt on Friday.
Briefing newsmen after the meeting, the Head of Rivers State Civil Service, Dr George Nwaeke, who spoke on behalf of the Government, affirmed that Governor Fubara has graciously approved a new minimum wage of N85,000.00, adding that the government will begin in November, 2024.
Dr George said, “He (Gov Fubara) has pronounced a figure that is higher than the National Minimum Wage. He pronounced a sum of N85,000.00, which is higher than the minimum wage that was prescribed nationally.
“So, as the Head of Service and a major stakeholder in the labour family, I am very happy to say that the Rivers State Civil Servants have never had it this good since the inception of this State.
“The labour union leaders and all the other major stakeholders were happy with this development,” he added.
Responding to possible payment of arrears, Dr Nwaeke, said it is yet to be determined because a technical committee has been set up to critically work out a tenable payment chart, which will cater to issues of arrears.
He clarified, “Issues of arrears will be worked out by the committee that I am going to be Deputy to the SSG. We are already going to work on it in a technical committee that will now get the nitty gritty of the payment and inform the press later.”
On his part, the Rivers State Chairman of the Joint Public Service Negotiating Council, Comrade Emecheta Chuku, explained that this is their first meeting with Governor Fubara to discuss the issue of the new minimum wage as approved by the Federal Government of Nigeria.
Comrade Chuku pointed to the fact that the gracious approval of N85,000.00 new minimum wage is very appeasing to the labour leaders, adding that it demonstrates love for the workers.
He explained, “For the Governor to come, against all the crisis, against all the things that he is facing and more, to say he will pay N85,000.00 minimum wage, I think our hearts are full of joy.
“Of course, we have no doubt, knowing the kind of person we have as our Governor. He is a decent man; very responsible enough; and grew through the rank and file of the system. He understands what it takes to earn a living salary; he understands the difference between gifting money and paying somebody salary that can sustain him or her from the first day to the last day of the month.”
Also speaking, the Chairman, Nigeria Labour Congress (NLC), Rivers State Chapter, Comrade Alex Agwanwor, noted that the amount approved by Governor Fubara puts Rivers State Government ahead of Lagos State as the highest minimum wage paying State to civil servants in Nigeria.
He stressed, “Why do I say that? Lagos State said N85,000.00 and Rivers State is paying N85,000.00. The IGRs of Lagos State and Rivers State are not the same. So, for the Governor to agree to pay the same rate with Lagos, that means we are at the top of it.
“We are the best, and we want to continue to commend the Governor. We assure him that, as far as this State is concerned, labour is going to stand with him. We will be with him even until the next eight years.
“I want to commend His Excellency, Executive Governor of Rivers State, our own Number One Worker in Rivers State, he has, once again, proven that the workers in Rivers State gave him an award on May Day as the Champion of Labour, as the Most Labour-Friendly Governor in Nigeria. He, again, has shown that to us today, and I want to commend him.”
He added that they were returning to the State Secretariat Complex to inform workers of the Governor’s magnanimity and benevolence towards civil servants in the State.
Rivers State Governor, Sir Siminalayi Fubara, has felicitated Muslim faithful as they celebrate the birth of Prophet Muhammad, urging them to show love, tolerance, perseverance, patriotism and commitment to the growth and development of the State.
Governor Fubara, in a message in Port Harcourt, the State capital, urged the Muslim Ummah to use the lessons of the 12th day of the third month of Rabi’ al-Awwal to reflect on the core teachings of the Holy Prophet, and interceed for one another as exemplified by the sacrifices He made for humanity.
The Governor charged the faithful in the State and across the country to commit to ensuring that they continue to benefit from the genuine policies and programmes of government put in place to make live easy for all living and doing business in the State, without discrimination.
He said, “I, on behalf of the government and good people of Rivers State, heartily felicitate all Muslim faithful on the occasion of the Eid-el-Maulud celebration, to honour the birth of the Holy Prophet Muhammad, and urge for prayers for the revival and unity of Nigeria.
“The occasion, yet again, provides an opportunity to reflect deeply on the need for greater application of the Prophet’s teachings bordering on piety, charity, patience, resilience, justice and peaceful coexistence,” he added.
Governor Fubara assured the Muslim community in Rivers State, and indeed, all residents of the resolve of his administration to sustain the tempo of providing critical projects and social services to improve the quality of life of the people.
