Kpakol Launches Village Poverty Solution in Rivers

from All Africa

Daily Trust (Abuja)

NEWS

By Muhammad Ajah
Port Harcourt

A new presidential economic development programme was launched yesterday in Rivers State. The Village Economic Development Solutions was launched by the Senior Special Assistant to the President on Economic Matters, Professor Magnus Kpakol.

The N3 billion fund is funded by the government and Oceanic Bank.

The money will pay for small scale village development projects. Five fishing trawlers have been bought for participating communities, it was announced.

Professor Kpakol described lack of access to information, capital and markets as three main factors that inhibit economic growth.

Speaking to newsmen shortly after meeting with the state governor, Professor Kpakol maintained that it was the objective of NAPEP to break these barriers and improve the growth of the nation's economy.

The Senior Special Assistant who is also the Coordinator, National Poverty Eradication Programme, (NAPEP), lauded Rivers state's initiatives for the construction of a shopping mall, agricultural training institute and the proposed construction of overhead bridges at Eleme, First Artillery and Garrison Junctions as well as other projects as poverty reduction measures that would open the state to economic activities.

Also speaking with newsmen, the Executive Director of Oceanic Bank, Mr. Duate Iyabi said they are engaged in NAPEP's Multi Partners Matching Funds Scheme that also includes Rivers state.

Mr. Iyabi explained that they have contributed N2 billion and consider Rivers state government's N1 billion involvement as key in the partnership, stressing that having supported real sector heavily they also saw the need to empower the populace by creating wealth among the hitherto rural poor.

In his response earlier at the meeting, Governor Omehia said economic empowerment and poverty reduction will be given priority attention by his administration.