The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has advocated for the channeling of youths resourcefulness and vigour to selected value chains such as agriculture and manufacturing sectors.
Emefiele who made the remarks in his keynote address at the 4th LAPO Institute Conference on Microfinance and Enterprise Development, with the theme, “Indigenous Technology and Value Chain Development” held in Benin-City, said the bank will continue to implement policies that promote creativity among Nigerians.
The CBN boss, represented by Amagwu Frank, deputy director, Micro, Small and Medium Enterprises Development Fund (MSMEDF) department, Abuja noted that the policy was part of the Youth Entrepreneurship Development Programme (YEDP) targeted at youths who are the engine room of vibrancy and innovation.
He said to support Micro, Small and Medium Enterprises (MSMEs), the apex bank is working on the use of other instruments including equity, quasi-equity and Shariah- compliant products to ensure wider outreach and impact along various value chains and sectors.
He also disclosed that the bank has provided single-digit interest rate to small-scale machine producers and machinists under the Micro, Small and Medium Enterprises Development Fund (MSMEDF) while under the Anchor Borrowers’ Programme, the bank simultaneously promotes linkages between fabricators and farmers as well as between farmers and processors to create markets for indigenous technology and improve yields, output and productivity of farmers.
Earlier, in his welcome address, Godwin Ehigiamusoe, the chairman, governing council, LAPO Institute noted that in the 21st century indigenous technology and value chain development remain fundamental for poverty reduction, economic growth, economic recovery and environmental sustainability.
Ehigiamusoe, opined that indigenous technology and value chain development contributes to economy such as economic growth, industrial development, economic catalysts, sources of services as well as a contributing factor to peace and stability by providing employment to the growing population of restive youth.
He however, promised that the organization will continue to partner with relevant authorities and agencies of government at all levels on the transformation drive of the economy and other stakeholders to improve access to finance by MSMEs to reduce poverty in the country.
He listed relevant government agencies, non- governmental organizations and international bodies, the institute is already partnering with to include LAPO Microfinance bank, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Industry, Industrial Training Fund, Centre for Management Development.
Others are Chattered Institute of Bankers in Nigeria, UK Association for Microfinance for the award of professional certificate in Microfinance in Nigeria and Ugandan Martyr University as the Nigeria study Centre of the University for the award of Diploma and Degree programmes in Microfinance and Community Development.
He assured that LAPO being in the forefront of poverty alleviation, improving the livelihood of Nigerian households, women empowerment and improving health of Nigeria would not relent in its oars.
In his remark, the chairman of the occasion, Mike Obadan, Non-Executive Director, Central Bank of Nigeria, member Monetary Policy Committee noted that the major challenge to development of indigenous technology is the low patronage it has received from government and citizens who seem to have preference for foreign technologies and products.
Obadan, who commended the management of LAPO Institute for the conference, urged the Nigerian government to design and implement policies and programs for value chain inclusion including strong support for local technology development and adoptions, market development, improving organization and productivity, improving linkages, foreign direct investment and skills development.
IDRIS UMAR MOMOH, BENIN
