The director of the department of development finance of the CBN, Mr A. Sesan Bamisile noted that President Olusegun Obasanjo had launched the scheme in December last year, but that banks and other stakeholders were faced with challenges of effective implementation.

According to him, when the scheme takes off, up to two million jobs could be created to check the unemployment situation in the country, as beneficiaries could get minimum of N500,000.00 to set up enterprises.

This is one scheme that should be given all the support and encouragement if the Nigerian economy must become truly productive and broad-based. It is one scheme that would make the average Nigerian participate in the economy.

It has always been said that Nigeria has never lacked the knowledge needed to make the most needed difference, but the delay, lack of political will and the alienation of the people-power that had been the bane.

As part of the broad-based economic reform programme of the Obasanjo regime, the micro-finance scheme will, no doubt, add to the already remarkable changes in the country. But it needs to be implemented by this regime that conceived of it as soon as possible.

Being a scheme that would require proper public understanding and participation, the present government must not allow it to be mixed up with the last activities of the regime. In fact, it should begin immediately and be fine-tuned by this regime before the next elections.

We think that this is one scheme that would show that the economy is ready to develop. Apart from being the hallmark of all developed economies, it also has the capability to position the economy for development.

Nigeria is endowed with great human and material resources. But they have not been converted to greatness because of the difficulty of accessing funds as and when needed. The people are also very creative but have not found funding.

The importance of this subject is best understood when seen in the light of the assertion of the Bible that money answers all things. There is one thing for the country to have the money to pay bills, there is another for the productive sectors to have access to cheap loans.

That is why we are worried that knowing the importance of this scheme, the federal government was still yet to make the needed approval and release of funds. It is just unacceptable that the government is still earmarking at a time Nigeria ought to have “handmarked??? it.

As a leading African nation, Nigeria must take every step necessary to break away from the third world categorization. The common scramble for limited fund and the dire conditions it creates is not the best for the country. The desperate situation this creates makes the economy a common ground where dog eats dog.

By the time micro-financing effectively takes off in this country, a level of financial discipline would have been foisted on the country and the multiplier effect this would have, would be most desirable. In addition, it would re-create the middle class and re-start many dreams long abandoned.

We hope that as the reform makes progress, Nigeria would mature for credit card transactions and the flexibility needed to raise petty loans, some individuals would need to actualise their dreams.

All we are saying is that the sensitization process be completed in good time and that government should make needed fund release for the scheme to take off soonest. This is one scheme that is already late in coming.

Source: The Tide Online