By Nathaniel Zacchaeus, Abuja
The Chairman of the Senate Committee on Local Content, Natasha Akpoti-Uduaghan, has directed the management of the Bank of Industry (BoI) to explain the utilisation $300m Access Fund meant to promote local content, particularly in the oil and gas sector.
The Senator stated during the Committee’s meeting with representatives of the Industrial Training Fund (ITF) and Bank of Industry (BoI).
The meeting according to a statement by the Chief Press Secretary to Senator Arogbonlo Israel, was to familiarise the Senate panel with the workings of their agencies and to strengthen capacity building and collaboration.
The statement explained that the meeting was to ensure synergy between government agencies and maximise impact on Nigerian beneficiaries.
The statement read in part, “Senator Akpoti-Uduaghan emphasised the importance of joint efforts in promoting local content, particularly in the oil and gas sector, where $300 million is dedicated to Nigerian access through the Bank of Industry.
“During the meeting, the senator sought updates on the agencies’ activities, training programmes, and performance reports. She also requested a breakdown of the fund’s utilisation and the number of Nigerians who have benefited from it.
“Senator Akpoti-Uduaghan noted the strong relationship between local content and the Bank of Industry and highlighted that the committee had previously written to the agency to inquire about the performance of the fund and the amount available to be accessed by Nigerians.
“The representatives of the Bank of Industry mentioned that the agency is run by Nigerian funds from the private sector but managed by the Nigerian government, with an annual project of $617.7 million.
“They outlined their ability to work with the lawmaker by inviting her to speak with participants about the activities and programmes of the Bank of Industry. They also clarified that BoI does not receive any amount from the federal budget and highlighted their success in attracting banks from outside the country, bringing in five billion dollars in the last five years.
“They disclosed that their programmes include; YES-P, GEEP, and iDICE. The Youth Entrepreneurship Support Programme (YES-P), is BOI’s effort at addressing the worrisome phenomenon of youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas.
“The YES programme is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their businesses.
“On the other hand, the Government Enterprise and Empowerment Programme (GEEP) Fund was established by the Federal Government of Nigeria through the Social Investment Unit in the Office of the Vice President (OVP).
“It is meant to provide financial assistance to market women, artisans, women cooperative societies, enterprising youths, small-scale farmers, agro-allied processors, and other MSME categories for small and medium businesses in Nigeria.
“While iDICE is aimed at building capacity and upskilling Nigerian youth (from ages 15-35), in technology and creativity to increase their employability, foster innovation, and support the emergence of more entrepreneurs.
“The iDICE is co-funded by the African Development Bank (AFDB), Agence française de Development (AFD), Islamic Development Bank (IsDB), and other private investors.
“BOI team disclosed that they visit NYSC camps where they educate the corp members about GEEP programme and provide capacity building for them. They promised to invite the Senator during its YES-P programme.”
On the Students Industrial Work Experience Scheme (SIWES), Senator Akpoti-Uduaghan expressed dissatisfaction with the N10,000 to N15,000 being given to students who undertake the scheme over a period of four to six months.
She equally faulted the rejection attitude of organisations towards the students and urged for more synergy between the organisations and ITF to ensure students are accepted whenever they approach any organisation for their SIWES.
She further urged that ITF consider digitisation of the SIWES programme where SIWES opportunities available in organisations will be listed on the ITF portal.
She added that she is looking forward to a policy or regulation that will compel every organisation to ensure a certain minimum number of SIWES students in their organisation at all times.
She also emphasised the importance of joint efforts in promoting local content, particularly in the oil and gas sector, where $300m is dedicated to Nigerian access through the Bank of Industry.
During the meeting, the senator sought updates on the agencies’ activities, training programmes, and performance reports. She also requested a breakdown of the fund’s utilisation and the number of Nigerians who have benefited from it.
Akpoti-Uduaghan noted the strong relationship between local content and the Bank of Industry and highlighted that the committee had previously written to the Bank of Industry to inquire about the performance of the fund and the amount available to be accessed by Nigerians
In their separate responses, the ITF team explained that the agency is self-funding, with a 1% annual payroll of the workforce drawn from private organisations and government agencies involved in commerce, with a yearly budget of N48 billion.
They highlighted their process of working with state governors to select participants for training and subsequent empowerment.
They also mentioned plans to create a channel for trainers to print their certificates online based on their geographical locations.
Additionally, they called on the lawmaker to support a law or regulation that would force government agencies to patronise ITF for the training of their employees.
Meanwhile, Akpoti-Uduaghan has partnered with the Corporate Affairs Commission (CAC) to register 2,500 Small and Medium Enterprises (SMEs) among her constituents.
A statement by her media office explained that the gesture was in a bid to boost economic growth and development in her constituency.
The statement explained that the registration would be done at the rate of N11,000 each.
It added that Akpoti-Uduaghan has committed to covering the total cost of N27,500,000 for the registration of all 2,500 SMEs.
The statement added that the partnership was reached on Wednesday when the CAC officials led by the Head, of CAC FCT Zonal Office, Mr Bello Muftau, met with the lawmaker at her office in the National Assembly, Abuja.
The partnership, it added, aims to support small business owners in meeting the government’s registration requirements and to promote business growth and development in the region.
Part of the statement read, “The registration drive is expected to commence soon, with a special conference planned to bring together key players in the business ecosystem to forge synergy and collaboration.
“The lawmaker also promised to organise a special conference to bring together the key players in the business ecosystem to forge synergy and collaboration towards business growth and development like regulatory bodies, Bank of Industry, and others.
“She encouraged CAC to strengthen its education and sensitization efforts to inform business owners about the importance of registration and the benefits of compliance.”
Responding, the CAC team leader, Mr Bello Muftau, lauded the partnership as a significant step towards promoting the ease of doing business in Nigeria, in line with the Commission’s mandate under the Companies and Allied Matters Act (CAMA) 2020.
He added the commission has put measures in place to promote the ease of doing business through simplification of the registration process, reduction of registration costs, reduction of costs, sensitisation, improvement of digital infrastructure, and incentives for business registration.
