By Bob MajiriOghene Etemiku
Conference of Non-governmental Organisations (CONGOs), on Thursday organized an interactive session between the Central Bank of Nigeria (CBN) and Cooperative/Civil Society groups to deepen public awareness of the various economic interventionist programs being implemented by Nigeria’s apex bank.
The initiative, which was sponsored in partnership with the Moses Oisakede Leadership Foundation (MOLF), took place at the National Orientation Agency (NOA) premises in Benin City, Edo State capital.
The session drew a large crowd of more than 200 civil society stakeholders, the crème de la crème of the media, farmers and big government officials, including the director Development Finance Department of the CBN, represented by Mr. Linus Nwokolo, head of development, Finance Department of the Benin CBN Office; the Managing Director of Nirsal Microfinance Bank, who was also represented by Mr. Chima Okenwa.
In a welcome address, CONGOs president, Mrs. Daisy Abiola Igaga made it clear that the interaction was not to hold any brief for the government.
“It became fundamental to call this interaction so that we can deepen public awareness of these programmes. As an extension of this, this session is considered imperative to avoid these programmes being hijacked by the tie-wearing-city-based-red-neck executives, while the target recipients are alienated by lack of awareness that these programmes are ongoing.
“We know that the programmes are many and the few persons who are minimally briefed in the public space are confused about which of these programmes are real. To that effect, most of the information being shared through social media are largely received with suspicion,” Mrs. Daisy Abiola Igaga said.
During his presentation, the CBN representative, Mr. Linus Nwokolo said that the CBN put these programmes in place in the agric, manufacturing, MSMEs, health and Infrastructure sectors to increase lending to high-impact and employment-creating sectors of the economy, diversify economic base, create jobs, improve macroeconomic stability and expand output of agriculture, manufacturing and services sectors.
He revealed a number of government economic interventionist programmes of which members of the public are unaware. Among them are the Agribusiness Small and Medium Enterprise Investment Scheme, the Nigerian Youth Investment Fund, National Collateral Registry, the Creative Industry Financing Initiative and the Anchor Borrowers Programme.
Another discussant, Chima Okenwa who represented the Nirsal Microfinance Bank said that for candidates to access some of the ‘funds sitting idle at the CBN’, applicants will need some training by attending a compulsory workshop at any of the Nirsal certified institutes, then apply for the loan before passing through a preapproval assessment.
“Nirsal MFB has played a key role in ameliorating the impact of Covid 19 on both households and SMEs. Presently, we are disbursing the CBN N100billion TCF Fund which has impacted positively on businesses and families in Nigeria,” Mr. Okenwa said.
Even though most participants at the interactive session said they were happy with CONGOs for bringing them to the workshop, some said they were unhappy with the string of conditions attached as requirements to access the loans.
Mike Igaga of the Moses Oisakede Leadership Foundation, said that the processes were “too elitist and may make room for monies to be misapplied in an economy as depressed as Nigeria’s.”
Aminahi Isaac Oarhe, a Cocoa, Yam and Cassava farmer who travelled to Benin City from one of the local government areas told Alltimepost correspondent in Benin that “if organisers can actually disburse these loans at minimal interest rates, then the Nigerian economy will boom.”
Some of the conditions that applicants seeking the Creative Industries Finance Initiative must fulfil to receive a loan of about N500million for movie distribution payable over a 10year tenor with a 9% interest rate, include “legal mortgage, all asset debenture, personal guarantee, minimum of 3 years relevant experience, no bad credit history with CRMS or any commercial bank in Nigeria, preference with areas with low cinema penetration and a 30% minimum equity contribution.”
“The CBN has no need to be putting these kinds of conditions in place for struggling artists seeking an enabling environment to turn their creative potentials to an employment generating business.
“Rather than give interest-laden loans to struggling Creatives, the CBN should start residencies and endowments that provide opportunities for these people to access funds that promote their creativity,” a participant unwilling to be named told Alltimepost.com.
The Conference of Non-Governmental Organizations (CONGOs) is a network of CSOs/NGOs in Edo State, Nigeria, working on different development areas.
