Stories by Blaise Udunze
RECENT data from the Central Bank of Nigeria (CBN) has shown that it created about 6.17 million jobs through the various intervention funds to different sectors of the economy.
According to the data, the combined impact of the Agricultural Credit Guarantee Scheme Fund (ACGSF) flagged-off in April 1978 and the Commercial Agriculture Credit Scheme (CACS) established in 2009, have led to the creation of 6,178,132 in the Nigerian economy.
A breakdown of the figure showed that the CBN had set up eight intervention funds totalling N1.57 trillion, from which economic operators accessed N819.164 billion to resuscitate their businesses that helped to sustain some sectors.
In 2009 however, the bank, through its CACS set up N200 billion intervention fund. As of today, a total of N337.635 billion was disbursed and a total of N137.804 has been repaid.
The fund financed a total of 423 projects and generated a total of 1,132, 232 jobs while saving the investors interest payment of N42.564 billion. The data further showed that CBN’s ACGS set up in 1978 with N3 million as seed money had disbursed a total of N97.014 billion out of which N67.014 billion was repaid. The intervention granted loan facility of 1,009,180 and has so far generated a total of 5,045,900 jobs.
The CBN evaluation data showed that the Small, Medium Enterprise Credit Guarantee Scheme set up by the apex bank in 2010 had as its seed money the sum of N300 billion. So far, N4.219 billion has been disbursed while 2.439 billion has been repaid. The intervention fund financed 87 projects.
It also showed that the apex bank set up in 2014 the RSSF facility of N300 billion, out of which N3.5 billion has been disbursed for a single project Also in 2010, the apex bank set up the Power and Aviation Intervention Fund of N300 billion. So far, a total of N255 billion has been disbursed and N69.755 billion repaid. The fund has financed 56 projects. The bank, they said, has three other funding for which about N450 billion was set aside and several projects have benefited from the intervention funding.
This is coming on the heels when the CBN has solicited the support of all Deposit Money Banks (DMBs) in Nigeria, to create at least one million employment opportunities for young graduates in 2016.
The job creation initiative, according to the apex bank, will be in form of support from both CBN, Nigerian banks and development institutions in terms of giving out cheap and concessionary loans to companies that are in the Micro Small and Medium Enterprises (MSMEs).
Meanwhile, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, wants Managing Directors of banks and Directors of various departments to design appropriate ways to accomplish this and to stop believing that young graduates will take loans without paying back.
He said the Bank of Industry (BoI) has already designed commendable schemes where original university and NYSC certificates as well as biometric data of young graduates are in place of collateral.
“There are no more jobs out there. Let’s give them a chance. I believe we can do this,” he urged.
Experts condemn calls for Emefiele’s sack
FINANCIAL experts have decried calls by some stakeholders for the sack of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, describing such propositions as unreasonable.
Some of those who spoke to Daily Sun at the weekend said that with the nation’s economic outlook, it would be rather unreasonable for the removal of the governor as it is even against the law that established the apex bank as an autonomous institution. They argued that one of the key roles of any central bank governor was to ensure that the monetary policy of the country is run on independent and autonomous basis.
Reacting to the development, the Managing Director, Trust Yield Securities Limited, Ola Yussuff, explained that it was unjustifiable for anyone to call for the removal of the governor simply because he is pursuing certain policies.
“People forget that there is what is called autonomy; CBN is an autonomous institution and the role of any CBN governor is to ensure that the monetary policy of the country is run on independent and autonomous basis. CBN governor is not necessarily reporting to the president; he is to look at the economic policy of the country and adjust the monetary policy as he feels and that’s why you have the Monetary Policy Committee.
Banks’ CEOs, Fashola, Onyeama to speak at Enugu investment summit
THE Chief Executive Officers of banks, the Minister of Power, Works & Housing, Babatunde Raji Fashola; Minister of Industry, Trade & Investment, Okechukwu Enelamah and Minister of Foreign Affairs, Geoffrey Onyeama, have all been confirmed as speakers at the Oganiru Enugu State Investment Summit scheduled to hold from April 12 – 14, 2016 at the Michael Okpara Square, Independence Layout, Enugu.
The three-day summit with the theme, “Beyond Oil: Fostering Inclusive Economic Growth & Sustainable Development” will bring together local and international business leaders and investors, bankers, financiers, the diplomatic community and the academia to explore Enugu State’s rich potential – and the entire South-East – in a wide range of industries including agriculture, solid minerals and mining, power generation and distribution, infrastructure and real estate development, tourism and hospitality, education, ICT, media and entertainment.
According to Ike Chioke, Director General of Oganiru, “Mr. Babatunde Raji Fashola will deliver the keynote address at the summit, and he will be speaking on the theme, ‘Public-Private-People Partnership for a Vibrant and Inclusive Economy.’ Dr. Okechukwu Enelamah, the ‘Minister of Enabling Environment’ is billed to speak on the theme, ‘Advancing State Industrialisation through Public Policy’ while Mr. Geoffrey Onyeama, the Foreign Affairs Minister, will address delegates on the theme, ‘Accelerating Local Economic Growth through International Cooperation.’
“Some of the confirmed speakers from the private sector include Dr. Pascal Dozie, founder and former Chairman, Diamond Bank Plc; Emeka Ene of Oildata Energy Group; Ndidi Nwuneli of AACE Foods and LEAP Africa; Prof. Margee Ensign of the American University of Nigeria, Yola and Prof. Barth Nnaji of Geometric Powers Ltd., among others.”
Ecobank strengthens card services with instant personalised cards
ECOBANK Nigeria Limited has upgraded its instant debit card issuance process, which enables walk-in customers get personalised cards at over 370 branches within few minutes. The Ecobank Instant Debit Card is naira-denominated and gives the cardholders 24/7 access to funds in their naira accounts from any part of the world.
Announcing this innovative service in Lagos; Head, Cards and e-Banking, Ecobank Nigeria, Ayotunde Kuponiyi, said the introduction of the card is in line with the Bank’s philosophy to meet and surpass customers’ expectations. According to him, with the naira denominated card, holders can access their funds and transact business in any part of the world with more ease.
He noted that the personalised debit card is easy to obtain, “The Ecobank Instant Debit Card is produced in-branch and with customer’s details. The card can also be activated by the customer on an in-branch POS terminal immediately he/she collects it. Customer can therefore walk out of the branch with a functional card within few minutes.”
Stanbic IBTC boosts savings culture with Contract Save
STANBIC IBTC Bank has reiterated the need for a strong savings and investment culture among Nigerians. The bank said it has developed a bouquet of products to strengthen the savings and investment culture in the country.
Contract Save, a product similar to Esusu, Adashe or Ajo, an informal savings scheme common among market women, artisans and others across the country, the bank said, was introduced not only to encourage savings but also to help bring the low income groups into the formal financial services sector.
The bank said, Contract Save is a hybrid investment account that enables customers to save in a regular and disciplined way for specific goals and events. It is targeted at current and savings account holders such as individuals and SME operators, High Yield Current Account (HYCA) holders, salary account holders as well as housewives who receive regular monthly stipends, traders, artisans, students, and others.
Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Mr. Babatunde Macaulay, said the product was introduced to ensure customers achieve their savings and investment objectives in a disciplined and profitable way. According to him, in line with the retail banking drive of the Group and the financial inclusion policy of the Central Bank of Nigeria, it will continue to explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians.