The Real Sector Development Initiatives of the Central Bank of Nigeria (CBN) were introduced to stimulate and sustain growth in key sectors of the economy, revive moribund projects, empower the youth population, explore the untapped potential in various economic landscapes and enhance foreign exchange inflow. These interventions have significantly contributed to the overall growth of the Nigerian economy. From the provision of loans at concessionary rates to cushioning the dastardly effects of the COVID-19 pandemic in the country, these initiatives originally designed to address issues surrounding core sectors of the economy, have now become a lifeline for most Nigerians.
There are 22,758 and 21,078 beneficiaries in Rivers and Bayelsa states respectively, which reflect the unwavering commitment of the CBN towards poverty alleviation, job and wealth creation and overall sustainable development. In this edition, we spotlight a few of the beneficiaries of CBN interventions in these states.
RIVERS STATE
Shinkwowitch Aluminium Roofing
INTERVENTION: Agric-Business /Small And Medium Enterprises Investment
SCHEME: (AGSMEIS)
SECTOR: SME
No. 36, Old Aba Road, Rumuokwurusi, Port Harcourt, Rivers State, is home to Shinkwowitch roof manufacturing factory owned by Mrs. Ehiok Henry, an industrious and tenacious woman who has made fame as one of the few females to have excelled in the industry.
She accessed the Agric-Business Small and Medium Investment Scheme (AGSMEIS) loan which assisted the expansion of her business. The expansion enabled the purchase of raw materials which enhanced production capacity. The factory currently produces an average of two thousand, five hundred (2,500) roofing sheets per week compared to the previous production capacity of one thousand (1,000) roofing sheets per week.
Shinkwowitch Aluminium Roofing Factory now boasts of a staff strength of twenty(20) running through all facets of the production line.
Save-A-Life Medical Centre
INTERVENTION: Health Sector Intervention Fund (HSIF)
SECTOR: Health
The commitment of the CBN to reviving Nigeria’s health sector led to the formulation and implementation of the Health Sector Intervention Fund (HSIF). Under the CBN’s HSIF, concessionary financing is offered to indigenous healthcare service providers and healthcare products manufacturers. The CBN, through its intervention in the health sector, hopes to improve access to quality healthcare services, improve quality of life for Nigerians and reduce medical tourism.
This strategic move of the Apex Bank, instantly garnered the attention of top and mid-level players in the Nigerian health industry, leading to the spontaneous development of the health sector in the immediate term.
One of the beneficiaries of the CBN’S HSIF in Rivers State is Save-A-Life Medical Centre. The facility they accessed enabled the purchase of modern medical equipment and the employment of specialized medical personnel that provide wholistic treatments such as heart, kidney, spinal and orthopaedic procedures, neo-natal intensive care management, and knee replacement surgeries. They also offer services that border around infertility, prostate/bladder and obesity/gastro conditions.
Nigerians, who formerly embarked on medical tourism, now have the option of receiving treatment of international standard at home
Victory Wogu
INTERVENTION: Agric-Business/ Small And Medium Enterprises Investment Scheme
SECTOR: Small And Medium Enterprise
Victory is a young Nigerian poultry farmer and a beneficiary of the CBN’s Agric-business Small and Medium Enterprises Investment Scheme (AGSMEIS) who resides at Gbel road, Nkpolu, Port-Harcourt.
Accessing the AGSMEIS facility assisted him to purchase battery cages and also increase the number of birds in his poultry farm from 350 to 1000. He was able to install a heating system to keep the birds warm and prevent avian respiratory diseases. The expansion necessitated the employment of more farm hands which increased his staff strength from two (2) to six (6).
They are now well positioned to cater to the needs of their growing clientele.
BAYELSA STATE
Tobis Clinic And Consultants Akenfa, Yenagoa, Bayelsa
INTERVENTION: Health Sector Intervention Fund (HSIF)
SECTOR: Health
Tobis Clinic and Consultants, a beneficiary of the CBN’s Health Sector Intervention Fund (HSIF), is a medical outfit committed to providing quality Medical services in Bayelsa State.
Through CBN’S Intervention, the clinic expanded its services to include a cancer diagnostic and treatment section, an operating theatre, a digital x-ray room, and a surgical conference room and procured state-of-the-art equipment such as a Computerised Tomography scan (CT scan) device, and a HQLCT-48 system (used in the preparation of slides for pathological analysis).
To support the expansion and increased patient population, the hospital hired additional qualified medical personnel. The clinic has expanded its frontiers and currently has branches in Aba, Abia State and Owerri, Imo State.
MICHAEL ENEBELI
INTERVENTION: Agric-Business Small And Medium Enterprises Investment Scheme (AGSMEIS)
SECTOR: Small And Medium Enterprise (SME)
Michael, who was initially struggling with his printing business located at 296 Mbiama-Yenagoa Road, Bayelsa State could not believe his luck when he was informed that the AGSMEIS loan he applied for had been approved.
He immediately sprang into action and purchased printing equipment which include heat transfer, monogramming and embroidery machines which he now uses for commercial scale branding, and corporate advertising. He previously had only two staff but has had to increase his staff strength to six to enable him effectively run the business
Michael, is still reeling in excitement on the fact he has no “connection” but was able to access the intervention. He expresses his gratitude to the President of the Federal Republic of Nigeria and to the Governor of the Central Bank for instituting schemes that cater to the needs of Nigerians in the Small and Medium Enterprise sector to earn a living and make progress.
Ethel Daulambo
INTERVENTION: Agric-Busines Small And Medium Enterprises Investments Scheme (AGSMEIS)
SECTOR: Small And Medium Enterprise (SME)
The CBN’s efforts in driving gender balance and female financial inclusion permeates its every activity including the provision of low-cost financing to SMEs. Nigeria abounds with female beneficiaries of the various interventions of the Central Bank of Nigeria. Mrs. Ethel Daulambo, an indigene of Bayelsa State, bears testament to this fact.
Ethel is a fashion designer who provides bespoke tailoring services to residents of Okutukutu in Bayelsa State. Accessing the AGSMEIS loan enabled the hiring of five additional staff, the purchase of more sewing equipment and the expansion of her business enabling her to effectively cater to her clientele.
She prides herself in being able to optimally care for her children and meet her financial commitments. She is grateful to the Federal Government and to the CBN for seeking out and empowering women like her to be able to provide for their families.
