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Business News

Access to credit in Nigeria, not impressive – IFC

The International Finance Corporation (IFC) has urged Nigeria to make credit available to businesses by offering accessible loans. #NIGERIA #POVERTY #IFC #CBN #LEMO

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IFC says 120 million people might become poor in Nigeria 

The International Finance Corporation (IFC) has urged Nigeria to make more credit available to businesses if it is determined to free the nation from the claws of poverty.

If that is not done, Country Manager, IFC, Eme Lore, warned that 120 million people would be poor by 2030.

Lore admitted that though a lot had been done to make credit available to businesses by public and private institutions, more work needed to be done because using all indices to analyse, Nigeria was still lagging behind.

The IMF Nigeria boss added that the nation’s average Gross Domestic Product growth rate of 2% per annum would not be enough to take many Nigerians out of poverty line. This is why Nigeria needs to do a lot to catch up with its peers in terms of credit provision.

IFC says 120 million people might become poor in Nigeria 

Tunde Lemo, former CBN Deputy Governor

“Access to credit/finance is a key constraint to private sector growth in Nigeria. We have seen much progress in the past 10 years. A lot has been done and a lot still needs to be done.

“I am optimistic that CRC Credit Bureau will continue to confront the challenges around access to credit. Nigeria plays important role in Africa and the country is critical in the growth of the continent,” she said.

[READ MORE: Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank)

Speaking further, the IFC Country Manager emphasized the urgent need for the government to step up efforts that would make the masses build confidence in the credit ecosystem.

She also called on the government to help Micro, Small and Medium Enterprises  (SMEs) grow and create jobs for the citizens.

Also, the former Deputy Governor of the Central Bank of Nigeria (CBN), Tunde Lemo who said credit information must not only be available to the financial services sector but must be extended to other sectors of the economy.

Lemo explained that credit information was as important as credit because when entrepreneurs and owners of small scale businesses have the required information on the various levels of risks associated with credit offers, “it will be easier for them to take advantage of the credit offerings available.”

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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    Energy

    Agip shut oil facility in Bayelsa due to oil spillage, environmental pollution reported

    Agip on Wednesday confirmed an oil leak, resulting in a shutdown.

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    The Nigerian Agip Oil Company (NAOC) has confirmed the shutdown of its Idu oilfields at Egbebiri settlement within Biseni in Yenagoa Local Government Area in Bayelsa, due to an oil spillage.

    A Joint Investigative Visit (JIV) report on the incident said that the leakage at the facility could be traced to equipment failure due to a rupture at the wellhead.

    According to a report from the News Agency of Nigeria (NAN), Eni, the parent company of NAOC, in a response statement, said the facility was shut down to prevent further damage to the environment.

    READ: Shell wants oil spillage case tried in Nigeria, but victims say no 

    What Eni is saying

    An Eni spokesperson on behalf of the Italian Energy firm, in a statement, said, “As soon as the incident was reported, we activated our oil spill response, shut in the well, and notified government regulatory agencies.

    “The Joint Investigation Visit (JIV) was carried out on 09/05/2021, with the participation of community representatives and the government regulatory agencies.

    “The event occurred within the Company’s wellhead location which is paved and walled round. There is no significant third-party impact,” Eni stated.

    READ: UK court ruling affects acquisition of Shell’s oil block by Governor Wike 

    Hotflex

    Environmental Rights Group reports environmental degradation

    An environmental rights group, Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), however, said that the incident which discharged crude and associated gas had severely polluted the environment.

    The Non-Governmental Organisation said that a visit to the spill site showed pictorial evidence of the crude spreading beyond NAOC’s right of way as nearby vegetation were affected as a result of the crude impact.

    The Head of Field Operations at ERA/FoEN, Mr Alagoa Morris, in a field report on the spill said the Idu fields was notorious for frequent spills caused by equipment failure.

    He said, “The people of Egbebiri in Biseni kingdom have experienced several oil spills over the years. And all the oil spill incidents documented by the Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) in this community environment have occurred as a result of equipment failure and on Wellheads.

    “ERA/FoEN has had cause to visit the environment of Idu Well 5 and 11 located within the same place in the past and it has always been Idu Well 11 spewing crude oil into the environment.

    “Available records from ERA/FoEN indicate that there have been previous oil spills from this particular Idu Well 11 operated by Agip. Before concluding this Field Report, ERA/FoEN confirmed that Joint Investigation Visit (JIV) was carried out on Sunday, 9th May 2021.

    “This is why the official Spill Reference No 2021/LAR/028/058 is indicated in this report; sourced from the JIV report. Cause of spill was attributed to equipment failure,” ERA/FoEN stated.

    Jaiz bank

    The report quoted a resident of the community simply identified as Georgie as saying that the spill incident of May 7 spilled oil from around 10 p.m till about 8 a.m the next day before the leak was stopped adding that the level of damage was enormous.

    What you should know

    It can be recalled that in a similar circumstance, Shell Petroleum Development Company reported an oil pipeline spillage at its Okordia-Rumekpe 14-inch crude truck line, discharging about 213 barrels of crude oil into the Ikarama community in Bayelsa State and polluting about 1.34 hectares of land.

    This new leakage is the latest in a series of oil spillages by the multinational oil exploration and production companies, which has put them in conflict with the host communities.

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    Energy

    Nigeria records system collapse during holidays

    Nigeria’s national electricity grid collapsed on Wednesday morning.

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    Abuja, Ikeja Discos top list in collection efficiency in Q1 2020- NERC, Estates in Lekki increase electricity tariff to N105/kWh, Eko Electric, Ikeja and 5 others to face NERC sanction for non-compliance, CBN reveals framework for financing National Mass Metering Programme (NMMP), Nigeria ranks eight African country with well-developed electricity regulatory frameworks, as Uganda tops.

    The Nigerian grid has experienced a partial collapse, dealing a blow for stay at home Nigerians during the holidays.

    This was confirmed in a statement by the Eko Electricity Distribution Company (EKEDC), as seen by Nairametrics.

    What EKEDC is saying about the grid collapse:

    “Dear customer, there is a partial system collapse on the National Grid. Our TCN partners are working to restore supply immediately. Please bear with us.”

    According to latest reports, partial restoration of power is already occurring across the country.

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