Hon. Samuel Odewho, the minister responsible for youth empowerment within the Nigerian government’s Niger Delta Ministry, recently announced the launch of a microfinance scheme that will provide soft loans to individuals, cooperatives and youth in the Niger Delta region who have completed the ministry’s skills training program. Hon. Samuel Odewho stated that the skills training provided by the ministry will enable the youth to set up sustainable businesses as well as enhance their employability [1].
As of February 2011, the first batch of youths from the region have completed their training programs under the ministry’s skill acquisition scheme. No figures have been released regarding the finances or number people to be served by the program.
By Medha Ravi, Research Associate
About the Niger Delta Ministry:
Established in 2008 by the Nigerian President, Umaru Yar’Adua, the Niger Delta Ministry aims to address the challenges of infrastructural development, environment protection and youth empowerment in the Niger Delta of Nigeria. The ministry consists of two ministers, one in charge of development and the other in charge of youth empowerment. In November 2009, President Yar’Adua proposed to allocate NGN 64 billion (USD 414 million) to the Niger Delta ministry for its 2010 budget.
Source and Resources:
[1] Daily Trust news article, February 11, 2011, http://dailytrust.dailytrust.com/index.php?option=com_content&view=article&id=11917:fg-to-set-up-microfinance-scheme-for-ndelta-youth&catid=1:news&Itemid=2
MicroCapital.org story, January 27, 2011 “MICROCAPITAL BRIEF: Nigeria Federal Government Supports Central Bank of Nigeria (CBN) to Establish Microfinance Development Fund”, https://www.microcapital.org/microcapital-brief-nigeria-federal-government-supports-central-bank-of-nigeria-cbn-to-establish-microfinance-development-fund/
MicroCapital.org story, December 15, 2010, “MICROCAPITAL BRIEF: MasterCard Foundation, UN Capital Development Fund (UNCDF) Launch YouthStart to Expand Financial Services for Youth in Sub-Saharan Africa”,
https://www.microcapital.org/microcapital-brief-mastercard-foundation-un-capital-development-fund-uncdf-launch-youthstart-to-expand-financial-services-for-youth-in-sub-saharan-africa/
MicroCapital’s Microfinance Universe Profile: The Niger Delta Ministry https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Niger+Delta+Ministry
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Baobab+, TradeLenda Partner on Solar Energy Solutions for SMEs in Nigeria
- MICROFINANCE PAPER WRAP-UP: “Financial Inclusion in Niger: Challenges and Opportunities,” by Yoro Diallo et al, Published by IMF
- MICROCAPITAL BRIEF: 3k Displaced Persons, Returnees, Hosts Access Loans, Guarantees, Business Training in Iraq
- MICROFINANCE PAPER WRAP-UP: “Assessing the State of Youth Financial Inclusion in Developing Contexts,” by Niclas Benni, Published by FAO
- MICROCAPITAL BRIEF: Opportunity International, UPS Foundation Announce “Unstoppable Women Initiative” to Expand Financial Services in Colombia, India, Indonesia, Nigeria
