Okun Political Platform recently interviewed one of the Representatives of Okunland in the National Assembly on his Constituency activities and he informed the Platform of his agenda to permanently stamp out poverty in his Constituency by setting up a revolving loan scheme for SMEs and Handcrafts in order to empower his Constituents. This Representative is Hon. Karimi S. Sunday. Find below the executive summary as follows: EXCECUTIVE SUMMARY OF YAGBA PEOPLE EMPOWERMENT INITIATIVE BY HON. KARIMI, SUNDAY The Yagba People Empowerment Initiative has the sole purpose of economically empowering the resident indigenes of Yagba, improving their standard of Living and increasing the financial output of Yagbaland. This initiative is borne out of the realisation of the fact that the resident natives of Yagbaland are also adversely affected by the high level of Poverty prevalent in Nigeria. My passion for qualitative representation of Yagbaland in the National Assembly includes taking steps and initiatives to alleviate the poverty of the people back at home. If Extreme Poverty is to be eradicated and become a thing of the past, dashing out paltry or meagre sums of money upon calls from the people cannot be a permanent solution to poverty, (if it is a solution at all). This is because for poverty to be effectively attacked, the causes of poverty need be addressed. The causes of poverty include unemployment, lack of capital for small businesses and handcrafts, idleness, non-performance of the real sector and death of small scale businesses in Nigeria. The Yagba People Empowerment Initiative is a step towards alleviating extreme poverty in Yagba land. By providing cheap finance to small and medium scale businesses in Yagba land, be it already existing businesses or start ups. The sole aim is to increase the Gross Domestic Output of Yagbaland, increase the economic independence of Yagba resident indigenes and cause organic economic growth in our Federal Constituency. It is the firm resolve of this Initiative that a capital injection of about One Hundred & Fifty (150,000,000.00) Million Naira into economic activities such as providing cheap finance to Small and Medium Scale Businesses, Handcrafts and Petty Trade on a revolving loan scheme, will in no small way combat poverty within our community. It is trite that Small and Medium Scale Business is the centre pin for economic growth and improved standard of living of any community or nation. Infact Small and Medium Scale Businesses are the impetus for the growth and positive turnaround of the Malaysian, Brazilian, Chinese, Indian and South African Economies. No economy can be kick-started by ignoring SMEs and Handcrafts. In India for instance, Small and Medium Scale Enterprises (SME) account for almost ninety (90%) percent of industrial units in the Country and forty (40%) percent of value addition in the Manufacturing Sector. SME units in India contribute an estimated fifty (50%) percent of India’s export. SME and Agric Sector are the highest employment providing sector in India with SME providing 29.4(%) Percent employment. The Indian story underscores the role of small scale businesses and handcraft in economic recovery and combat against poverty. The policy thrust behind the YOUWIN and Sure-P Programme of the Federal Government is to alleviate the poor, eradicate poverty by providing cheap finance to Small and Medium Scale Enterprises which are the cornerstone of the economy. Also, the Federal Government of Nigeria through the Central Bank has approved an investment of the sum of 500Billion Naira Debenture Stock to be issued by the Bank of Industry, out of which 200Billion Naira will be to fast track SME and Manufacturing Sectors. In addition, the Central Bank has also set up the Credit Guarantee Schemes (SMECGS) to promote access to credit by SMEs, the overall objective of which is to increase economic output, generate employment, diversify the nation’s revenue base and increase foreign exchange. If these Programmes are successful, Nigeria will soon be on a path to economic recovery and boom like the BRICS Nations. Put simply, No Nation or Society can talk of economic development without a vibrant Small and Medium Scale Business Sector brought about by SME Financing and deliberate SME encouragement. The launch of the Yagba People Empowerment Initiative will posit Yagba to benefit from the programmes of the Federal Government and also open doors to foreign donor agencies to assist Yagba People with Funds for Small and Medium Scale Business. We need to take a bold step to eradicate poverty in our land and this initiative is the right platform. The Yagba People Empowerment has been registered as a Non Governmental, Not for Profit and Non Partisan Organisation (NGO) under Part C of the Companies and Allied Matters Act Cap C20 Laws of Federation of Nigeria 2004 with the following Trustees: 1. Alhaji F.G. Ibrahim (Chairman) 2. Chief Folorunsho Daniyan 3. Engr. Ayo Makanjuola 4. Mr. Segun Abolaji Idowu (Secretary) 5. Reverend Owoeye 6. Hon. Eric Ficki The Trustees include the Chairmen of the Three(3) Local Government comprising Yagba Federal Constituency and three(3) other Non-Partisan, reputable indigenes of Yagba Land. Funds of the Initiative shall be domiciled in the three Microfinance Banks in Yagbaland. The beneficiaries of the Empowerment Fund are resident indigenes owning small businesses or aspiring to own small businesses within the Community who are persons of good character. They will be required to form or belong to Co-operative Societies that will be accredited with the Initiative. The initiative will employ few staff that will supervise and monitor the utilisation of the credit schemes. Only persons genuinely in need of credit for business purposes shall be beneficiaries. The Initiative shall disburse loans to all the indigenes within the thirty(34) Wards on a Non-discriminatory basis. These funds should not be seen as gifts or entitlements of citizens from Public office holders, rather, it is a cheap credit scheme aimed at growing businesses in Yagba and can only be successful if the funds are repaid and allowed to revolve within Yagbaland. Thus, beneficiaries must utilize the loan for business and not to solve domestic needs or purchase luxuries. The Trustees shall work to ensure that loan is given to beneficiaries who can justify the need for their business. It is my thinking, that If a Welder, Vulcanizer and Dry Fish Seller or even a Locust Beans Seller can have a cheap capital injection of about N100, 000.00, into his Business for about three(3)Months before commencing repayment and he repays within another three (3) Months, that fund, if effectively utilised would have helped build his capital, create wealth and improve his standard of living. Upon repayment, a Cain Chair Manufacturer or Farmer can take advantage of the loan and the cycle continues until wealth is created in Yagbaland and poverty eradicated completely. Recently at an interaction organised by the Nigerian Economic Summit Group in Lagos State, Kano State was applauded for giving out small credit schemes ranging from N70, 000.00 to N100, 000.00 to farmers in the State to assist their vocation. This according to available facts and testimonies has impacted positively on living standards and farm outputs in Kano. It therefore implies that an Initiative for SME (including agric) in Yagbaland as described above, will no doubt have a multiplier effect of wealth creation and improved standard of living in our Community. I therefore humbly call on all Indigenes of Yagba at home and abroad to support this Initiative financially and in all other means possible, because it is a bold step in stamping out poverty from our land. It is my hope that the Yagba People Empowerment Initiative will crystallize into a permanent empowerment scheme for all Yagba Indigenes at home and abroad. It is also my intention that as the Initiative matures and as its effect grows, it will register under the Microcredit Scheme of the Central Bank of Nigeria, in order to increase the Fund and its impact on the people. Thus, I sincerely hope that the initiative will outlive us and become an enduring legacy that will be passed unto future generations. Therefore this is our contribution to history and posterity. I am sure that the Trustees will manage the initiative for the interest of the Community. I therefore call on all to co-operate with each other to ensure our success. Accordingly, I make a pledge of Thirty Five Million Naira towards the Initiative. I humbly call upon my fathers,leaders,brothers and Sisters to make like donations towards this scheme so that Poverty becomes history in Yagbaland. Let me say quickly while concluding, that it is a revolving loan scheme and thus its success heavily relies on its repayment. I therefore appeal to all beneficiaries to repay upon agreed terms so that other persons can benefit from the initiative/scheme. Signed Hon. Karimi
Posted on: Wed, 04 Dec 2013 16:18:35 +0000
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