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Reps Approve Special Bank For Entrepreneurs, Small Businesses
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.’
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.
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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.
“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
“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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Otuaro Pledges To Expand PAP Scholarship As Beneficiaries Bag Master’s Degrees From UK Varsities
Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, has expressed his unwavering commitment to expanding the PAP scholarship scheme.
The PAP boss made the pledge at a graduation reception for nine students who were awarded foreign post-graduate scholarships by PAP in universities in the United Kingdom.
A statement by his Special Assistant on Media, Mr Igoniko Oduma, said the successful scholars are the first graduates in the offshore post-graduate scholarship deployment to UK institutions by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic session.
According to the statement, they graduated from the Anglia Ruskin University, University of Dundee and The University of Law with master’s degrees in cyber security, data science and engineering, law, construction and civil engineering management, project management, and ICT.
READ ALSO:PAP Seeks NCC Partnership On Beneficiaries’ Empowerment
Otuaro disclosed in the statement that 711 undergraduate and post-graduate scholarship beneficiaries are expected to graduate from universities within Nigeria this year.
According to Otuaro, the expansion of the scholarship scheme is aimed at creating more opportunities for indigent students of Niger Delta extraction to access higher education with a view to closing the human capital development gap in the region.
Otuaro said it was for this reason he deployed 3800 beneficiaries in-country in the 2024-2025 academic year, and increased the figure to 3900 in the 2025-2026 academic session with 200 for foreign scholarships.
He said under his administration, 7700 students have been so far deployed for the PAP scholarship scheme within Nigeria in less than two years.
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According to him, aince he took over, he has deployed 162 students from the region for post-graduate programmes in targeted disciplines in the UK universities.
According to him, this is in conformity with the Renewed Hope Agenda of President Bola Tinubu for the Niger Delta, who has given unprecedented support to the PAP because of his sincere love for the area.
The PAP boss said, “Our decision aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu GCFR for the Niger Delta. We will continue to create more higher educational opportunities for students from indigent backgrounds in our region.
“We are also deepening the implementation of the programme’s mandate in informal education and other areas for the sustainable peace and socio-economic advancement of the region.”
Otuaro, who congratulated the master’s graduates on their successful graduation, stressed that they completed their programmes in record time which shows the seriousness they had put into their studies.
He said they have justified the Federal Government’s investment in their education with their successful graduation, and urged other beneficiaries not to be distracted in their academic pursuits.
“We congratulate these scholars on their successful graduation. It shows that they took their studies seriously. That is what we demand of every scholarship beneficiary, whether at the undergraduate or post-graduate level”, Otuaro said.
News
Okpebholo Declares Edo Business-friendly
Governor Monday Okpebholo of Edo State on Friday declared the state as Edo business-friendly environment and ready to welcome any investor to the state.
The governor spoke when he played host to members of the South – South Coalition of the Chambers of Commerce, Industry, Mines and Agriculture (COSSCIMA).
The governor, who received his guests through the Office of the Deputy Governor, Hon. Dennis Idahosa, said his administration has provided the enabling environment for investors to promote their businesses.
READ ALSO:Oshiomhole Criticises Obaseki’s Govt, Scores Okpehbolo High
The governor commended the COSSCIMA for deeming it fit to choose the stata as host to the annual general meeting of the body.
“It is not surprising that you pick the state as a choice because we have provided the enabling environment by investing in infrastructure and reducing insecurity to the barest minimum.
“So, we assured potential investors that the state is safe, secured for all to come and invest,” he stated.
Also speaking, Hon. Omoh Anabor, Commissioner for Business, Trade, and Investment, said that the state was ready to partner any firm.
READ ALSO:JUST IN: Okpehbolo Appoints New VC For AAU
Earlier in his address, President of COSSCIMA, Hon. Indutimi komonibo said, “The Edo State Governor is doing a great job.
He, however, pointed out that nonetheless reiterated, “No government can succeed without partnering with the organized private sector.”
“We seek collaboration wherever we go. We carry the emblem of national development. Investors are looking for where their business will thrive. We understand the language of the business.”
He stated that COSSCIMA membership cut across the six Chambers of Commerce that make up the South-South states of the federation.
News
Oba Of Benin Suspends Priest, Reaffirms Appointment Of Okao
The Oba of Benin, Oba Ewuare the second, has suspended the traditional priest of Uniamen Village, Chief Sunday Sidney Enoma as the Ohen-Ovia of Unuamen for violating the custom and traditional of Benin.
The Monarch reaffirmed Chief Kingsley Igbinosa as the Okao (traditional head) of Unuamen Village, in Ovia North East local Government Area of Edo State.
In a statement by his Chief Press Secretary, Osaigbovo Iguobaro, the Oba described the claim by the suspended Ohen of Unuamen that he is the one who usually installs the Okao of the village as baseless, unfounded and abominable.
The Benin Monarch noted that all Chieftaincy titles in Benin kingdom are conferred by the Oba.
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