Small scale business: FG deploys $500m bonds to enhance growth

The Federal Government has set aside 500 million dollars in bonds to assist the growth of small-scale businesses in the country.President Goodluck Jonathan said this on Sunday in Abuja, while addressing workers to mark the 2011 May Day celebration.The News Agency of Nigeria (NAN) reports that the theme of Jonathans address was, ``Growing the National Economy for Job Creation and Peoples Welfare.Jonathan said that the Africa Development Bank (AFDB) was also offering 500 million dollars to further encourage small-scale enterprises.He said that to further boost the economy, the government was on the verge of reducing the interest rate to single digit to facilitate borrowing.``All these are aimed at boosting the economy and creating more jobs, Jonathan said.The president also said that 10 power plants were being constructed to boost electricity supply.He added: ``We are also building hydro-power plants in Mambilla and Zungeru as well as various other sub-stations across the country.``All these are aimed at ensuring steady power supply in the country and boosting the economy through the creation ofjob opportunities.On workers welfare, Jonathan said the government was conscious of their suffering adding that efforts were being made to improve their lot.According to him, the passage of the minimum wage bill into law has ensured that no employee earns less than N18,000.He gave the assurance that the proposed construction of 845,000 housing units for civil servants would be realisable.The president was represented by Vice-President Namadi Sambo.Also speaking, the Minister of Labour and Productivity, Chief Emeka Wogu, said the enactment of the Employees Compensation Act would address insecurity in the work place.Wogu stressed that workers who sustained injury while on service must be compensated.He added: ``We shall also continue to come up with policies to encourage and promote social dialogue as well as the establishment of viable, collective machinery in both the public and private sectors of the economy.The minister expressed delight at the patience and attitude workers displayed during negotiations for the minimum wage, noting that Nigerian workers were among the best in the world.Abdulwaheed Omar, Chairman of the Nigeria Labour Congress (NLC), said although the economy was said to have grown by more than six per cent, unemployment and poverty remained critical challenges facing the nation.
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