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Reps Approve Special Bank For Entrepreneurs, Small Businesses

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The House of Representatives has passed for second reading, a bill seeking to establish an Entrepreneurship Development Bank of Nigeria, with the aim of providing soft loans for small and medium-scale enterprises in the country.

The consolidated bill was jointly sponsored by Messrs Benjamin Kalu and Olalekan Afolabi

The legislation is titled ‘A Bill for an Act to Establish Entrepreneurship Development Bank of Nigeria to Charge It with the Responsibility, Among Other Things, to Provide Medium and Long-Term Finance for Indigenous Small Businesses and to Provide for Establishment of Nigerian Entrepreneurship Development, Encourage Aspiring Entrepreneurs and Small Scale Enterprises in Nigeria.’

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Leading the debate on the bill at the plenary on Wednesday, Kalu said the proposed bank would be charged with the responsibility, among other things, of providing medium and long-term finance for indigenous small businesses.

READ ALSO: BREAKING: Senate Confirms All Seven Ministerial Nominees

He added that the bill, which July 18, 2019, focuses on Nigerian youths and contemplated providing improved access to finance for youth entrepreneurs in innovation, manufacturing, agriculture and trade.

Kalu said, “In Nigeria today, due to numerous socio-economic challenges, many youths depend on themselves and drive their own future by creating opportunities for themselves and others, by undertaking different entrepreneurial ventures toward self-reliance. However, this group of people still need capacity building, financial support and favorable policies.

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“The strength of any nation depends on the policy framework and initiatives put in place to develop and empower the youth in order to maximise their potentials, talents and untapped capacities in nation building. Without a vibrant, skilled, focused and equipped youth, no nation can rise to its full potential because the youth are the visionaries and producers who power nations to greater heights.

“Youths are estimated to constitute about 70 per cent of the population of Nigeria. This is a huge advantage for a nation that is seriously and furiously pursuing national development. The youth are assets to a nation, not liabilities. The youths, if well-educated, trained and motivated, can utilize their mental, technical and visionary power to develop the Nigerian economy.”

According to the lawmaker, a fundamental challenge to youth entrepreneurship capacity is the lack of access to functional and effective finance. He stated that the existing financial institutions are not really servicing the real needs of the indigenous business or initiatives owned and run by the youth.

READ ALSO: Edo Govt Pledges Better Opportunities For Youths

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“In most cases, their requirements are way beyond the reach of such entrepreneurs; and their operational modalities are not really designed to deliberately encourage indigenous small businesses. A closer look at the operational modalities of the Bank of Industry, Bank of Agriculture and the Development Bank of Nigeria would show that there is no clear-cut intention and support for indigenous small businesses owned and run by youth.

“Commercial and microfinance banks are not even feasible options for indigenous small businesses. This is the gap which the contemplated bank would fill. There is a need for a specialised bank, which would target the youth at different levels and scope with emphasis on harnessing abundant potentials for economic growth and greatness of the nation,” he said.

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50-year-old Man Dies While Watching Football Match In Lagos Bar

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A yet-to-be-identified man has died allegedly watching football in an open bar along Lagos-Abeokuta Expressway in Lagos.

It was discovered that the deceased, a man in his fifties, was a frequent patron of the open bar prior to the incident and had visited on May 15, 2024, to watch a football game.

But problems arose when it was later found that he was sleeping and that attempts to wake him up were unsuccessful.

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READ ALSO: Police Dismiss Inspector For N29.8m Theft, Kidnapping

The Lagos State Police Spokesperson, SP Benjamin Hundeyin, confirmed the incident by saying that on May 15, 2024, at approximately 7:00 PM, the owner of the open bar came to Elere Division to report that the same day, one of his male customers—whose name and address are unknown—died while watching a football game.

In an additional explanation, Hundeyin stated that when detectives from the division visited the scene, they saw the deceased lying lifeless on the chair without any signs of violence.

“His body has been taken to the mainland general hospital in Rusty Yaa for an autopsy,” he continued, “We are still trying to find his family.”

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JUST IN: Tinubu Appoints Governing Board Members For 111 Tertiary Institutions

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President Bola Tinubu has approved the appointments of at least 555 persons to serve as Pro-chancellors/Chairmen and members of Governing Boards of 111 federal universities, polytechnics and Colleges of Education.

This followed Tinubu’s assent to a list of nominees selected by the Ministry of Education.

An advertorial by the Education Ministry sighted by The PUNCH showed the appointment of a chairperson and four members for each of the institutions.

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READ ALSO: Judicial Misconduct: NJC Sets Up Panel To Probe 35 Petitions Against

It was signed by the ministry’s Permanent Secretary, Mrs. Didi Esther Walson-Jack.

The inauguration and retreat for the Governing Councils will take place on Thursday, May 30 and Friday, May 31, 2024, at the National Universities Commission, 26 Aguiyi Ironsi Street, Maitama, Abuja. Both events will commence at 9:00am daily,” said Walson-Jack.

When contacted for confirmation, the Presidency said the list emanated from the Ministry of Education.

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“This is from the Federal Ministry of Education…they make the nominations and forward them to the President to sign. But they are at liberty to release it from their end,” the President’s Special Adviser on Information and Strategy, Bayo Onanuga, told The PUNCH on Sunday.

READ ALSO: Tinubu Okays Payment Of N3.3tn Power Sector Debts, Gencos, Gas Producers To Get N1.3tn, $1.3bn

The appointments come days after the Academic Staff Union of Universities had threatened to embark on another strike, potentially disrupting the academic calendar and causing further setbacks in the country’s higher education sector.

The union, on Tuesday, decried the failure of the Federal Government to appoint Governing Councils for federal universities.

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The union also faulted what it described as the nonchalant attitude of the President Bola Tinubu-led Federal Government to matters about academics in federal universities.

The body of academics, during a briefing at the University of Abuja, also faulted the 35 per cent salary increment for professors and the 25 per cent salary increment for other academics in the university system.

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HOMEF Applauds NASS On Decision To Investigate GMOs In Nigeria

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says Nigeria needs to prioritise public health

Health of Mother Earth Foundation (HOMEF) and the GMO-Free Nigeria
Alliance have commended the House of Representatives on the resolution to comprehensively investigate the introduction of genetically modified organisms (GMOs) into Nigeria and for a halt on approval of new products
pending the completion of that investigation.

This is as the House of Representatives also urged the National Agency for Food and Drug Administration and Control (NAFDAC) to ensure labelling of GM crops already in the country.

The House resolution to investigate the introduction of GMOs into Nigeria followed the adoption of a motion by Rep. Muktar Shagaya at a plenary session held on Thursday 16th May 2024.

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In a statement made available to INFO DAILY Kome Odhomor, Media/Communication Lead, HOMEF, the Executive Director of the organisation, Dr Nnimmo Bassey, said ass the lawmaker rightly explained, the introduction of GMOs in Nigeria raises serious concerns about safety, regulatory oversight, and their potential impacts on the country’s biosafety.

READ ALSO: Judicial Misconduct: NJC Sets Up Panel To Probe 35 Petitions Against

He noted that the investigation which has been long “overdue is vital to save the country from the dangerous path to food colonialism, contamination of our genetic resources, loss of
biodiversity/nutritional diversity, soil degradation, and overall
disruption of our agriculture and food systems.”

Bassey continued: “This investigation must be unbiased and thorough. To ensure this, the National Assembly should engage independent researchers to avoid contamination of the process by GMO promoters.

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“This investigation should consider Nigeria’s agricultural landscape and investigate the underlying
causes of hunger/food insecurity and as well establish definite measures to address those issues. This is the time to rescue Nigerians from being used for risky experimentations.”

The Executive Director also stressed the need for critical examination of the National Biosafety Management Agency Act for its fitness for purpose.

READ ALSO: GMOs: HOMEF Trains Gelegele Farmers, Urges Them To Embrace Agroecology

He further added: “That law needs to be completely reworked to close existing loopholes including the composition of its governing/decision making board by excluding GMO promoters such as the National Biotechnology Development Agency; the lack of provision on strict liability, inadequate public consultation measures, absolute decision-making powers of the agency, minimal reference to the precautionary principal and many others.

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This was the submission of Mariann Bassey-Orovwuje, Food Sovereignty Activist and Deputy Executive Director at Friends of the Earth Nigeria.”

Also reacting to the Green Chamber’s call on NAFDAC to label GMO crops in the country, HOMEF’s Director of Programmes and lead on Hunger Politics, Joyce Brown, noted that the agency will need to devise strategies to have foods sold in local markets in basins, by the road sides, and in processed forms like Ogi and Akara labelled to ensure informed decision-making by the majority of people who purchase food from these sources.

This exercise will prove that GMOs do not fit our socio-economic context. Over the years, market shelf surveys conducted by HOMEF has revealed over 50 different processed/packaged foods labelled as produced using genetically modified ingredients,” she added.

READ ALSO: HOMEF Trains Women On Climate Change Adaptation

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Brown advised that permits for commercialisation of GMO products such as Bt Cowpea, Tela Maize, Bt Corn and all others be suspended pending the result of the investigation by the House Committee on Agriculture and others.

The statement reaffirmed the submission by Rep. Shagaya that there’s need to prioritise public health, biodiversity, increased support of small holder farmers in terms of extension service, provision of infrastructure (to curtail waste), access to credits, access to land and the growth of our local economy.

Nigeria should adopt agroecological farming which aligns well with our socio economic and socio cultural
context. Agroecology delivers increased productivity and economic resilience, revises/nourishes ecosystems, strengthens local economies, mitigates climate change and promotes food sovereignty,” the statement concluded.

 

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