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Dangote Foundation Grants Target 1m Vulnerable Women

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  • Dangote Foundation Grants Target 1m Vulnerable Women

There is no other issue in Nigeria that reflects federal character in almost equal proportion other than poverty.

Even at the peak of her economic buoyance occasioned by the high price of the crude oil in the international market, years ago, there has not been any commensurable change in Nigerians’ lives for the past decades,.

Nigeria’s situation appears to be a paradox and her citizens’ living condition strange in that while the country was getting richer, her people become poorer. For a country with massive wealth and a huge population to support commerce, the level of poverty remains unacceptable. Despite being one of the three biggest economies in Africa, Nigeria ranks around 160th out of 177 countries on the scale of the Human Development Index (HDI).

Nigeria is reputed to hold the disgusting record of having about 80 per cent of her population living in abject poverty. And of this, 60 per cent are said to be women. Irrespective of where they live, whether rural or urban, poverty among women has remains alarming. Yet women bear almost all responsibility for meeting basic needs of the family. The vast majority of the world’s poor are women. Two-thirds of the world’s illiterates are female. Of the millions of school age children not in school, the majority are girls.

Though poverty cuts across Nigeria landscape, the women have been the most engendered specie. In a country where the level of poverty has taken a nosedive over the years, women, continue to face daunting and debilitating challenges.

In fact, despite every effort made by the Nigerian authorities at all levels of governance and other non-formal organizations towards poverty reduction in the country; this problem has continued to mitigate women from living happily and contributing their own quota to national growth and development. Thus women become a wasted potential to national growth.

Many women are denying themselves to ensure that their children are fed. These women are already suffering the effects of severe malnutrition, which inevitably will be their children’s fate as well. And if no cogent action is taken, the impact of this crisis will be with us for many years.

Studies have also shown that when women are supported and empowered, all of society benefits. Their families are healthier, more children go to school, agricultural productivity improves and incomes increase. In short, communities become more resilient.

It is against this background that the Dangote Foundation, a multi-purposegrant-making vehicle which supports interventions in critical sectors such as education, health, population and community giving decided to intervene to bring the helpless women out of the dingy life of animal existence.

Endowed by the Africa’s richest man and foremost entrepreneur, Aliko Dangote, the Foundation few years ago, designed a multi-billion naira micro-grants programme to assist the vulnerable women across the 774 local governments in Nigeria conjunction with the state governments.

It is expected that at the end of the exercise, a sum of N10 billion would have been injected to revive the economy of some one million women. Already, the grant has been disbursed in seven states among which are Kano, Yobe, Adamawa, Jigawa, Borno, and Kogi. Presently, the foundation is disbursing in local governments in Lagos state.

Explaining the rationale behind the Foundation’s decision to help women with the grants to do petty business, Alhaji Dangote said the Foundation believes that empowering women to be key change agents is an essential element to achieving the end of hunger and poverty.

According to him, “we thought of a response to the widespread poverty in Nigeria and how can we help in our own way and in 2011, we came up with this idea. So we instituted the cash transfer intervention. We call it the Dangote Foundation Micro-grants Programme, to provide cash transfers to select poor and vulnerable women and youths. The grant is to enable beneficiaries meet immediate family and livelihood needs by providing a one-time fund to start up enterprises that will boost their economic and consumption activities. He explained that the cash transfer intervention focused on women who bear the greatest brunt of poverty.

Said he “Our Programme provides a one-off grant that enables recipients to grow or start an enterprise, invest in product assets, improve the health of their families, and/or take on new activities that reduce their vulnerability and enhance their economic standing. It has successfully assisted women and their families in the states where we have made disbursement.

“I have always believed that one of the surest ways of alleviating poverty is through job creation and that the kind of jobs that the masses in Nigeria need could be created through such grants. We need this kind of empowerment especially for our women because when companies are established jobs would be created but not on a large scale again because the machines are automated and would only require few hands.

“It’s only in agriculture that the opportunities are massive”, adding that this was the reason he is investing in sugar plantation and refinery where thousands of people can work and earn living. He said agriculture is the solution.”

Explaining the partnerships with State governments, he said, “This is in keeping with Dangote Foundation’s belief in working through partnerships for effectiveness, scale and impact in tackling the challenges that we face as a nation. This is a key feature of the Programme which aims to support and compliment state governments’ poverty reduction efforts.”

The state governors have taken turn to commend Dangote foundation’s initiative to complement the poverty alleviating efforts of the states describing the gesture as godly and unprecedented.

The Kogi state government while expressing its appreciation to the Foundation recalled the intervention extended to the state during the deadly flooding across some states for which the state was given money relief items to cushion the effects on the victims.

Acknowledging the Dangote Foundation’s philanthropic gesture across the country and even internationally, the Kogi government enjoined other rich Nigerians to emulate Dangote and share part of their wealth with the masses.

In his own comment, Lagos state government said Alhaji Dangote’s decision to share his wealth with the people is an indication of his love for the people and should be emulated. “He has decided to support our programme of regeneration in Lagos state, we are grateful to Dangote Foundation. “This empowerment programme will cover all deserving in the 20 LG and 37 Development Areas in the state.

–Okoro works with Dangote Group.

We will ensure that nobody is denied this grant not minding the political or religious leaning. We will continue to give the required environment to make business thrive in Lagos.”

However, a new dimension has been added to the disbursement in Lagos as beneficiaries are also provided with free customized hand held phones, thorough which they receive alert for the disbursement.

At Somolu local government in Lagos, one of the beneficiaries, brought to the venue in crutches, Mrs. Moronkeji Oshikoya, on receiving alert for the grant, described the grant as life-saving and profusely prayed for Dangote Foundation and its Chairman, Alhaji Dangote.

Another beneficiary, Mrs. Augustina Chukwu, said they did not believe it initially but were surprised it was true. “We thought it was a joke, because when they mentioned Dangote he is the one who wanted to give us money. We said it was a lie because he is not a politician, so why would he give us money. But now we have seen that he is a man of God. He just pitied us and our condition and decided to give us from what God has given him; God will continue to add to his wealth. Tell others too to help the poor.”

Speaking on the micro grant and other activities of the Foundation, the Chief Executive Officer, Zouera Youssoufou, said the Dangote Foundation was concerned about the plight of the Nigerian women who are most vulnerable under the present economic quagmire and therefore the decision to empower them to compliment the various poverty alleviation programmes of state governments.

She explained that the research carried out by the foundation showed that women who are always at the receiving end, when empower are capable of quickly turning around the economies of the family, pointing out that the micro grant scheme was designed for women who need little amount to be back to business.

Mrs. Youssoufou explained that the state government have been very helpful in partnering with the Foundation to identify women who really need to grant to work. She stated that the addition of handset was a new development that makes the disbursement easier and that it started with Lagos and would subsequently done in the remaining states.

“We engage the services of some agencies and a leading telecommunication company to provide the phones, SIM cards, register it and send alert to the beneficiaries immediately rather than giving cash.

The beneficiaries can then decide to withdraw the money at the most convenient time so as not to expose them unduly. All charges are borne by the Foundation, so the beneficiaries receive the exact amount,” she explained.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

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Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.

 

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Crude Oil

Brent Crude Oil Approaches $70 Per Barrel on Friday

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Crude oil

Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension

Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.

Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.

Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.

While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.

According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.

“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”

Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.

The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.

I do believe we’re headed for a much healthier supply and demand environment” she said.

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Crude Oil

Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

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Oil Jumps to $67.70 as OPEC+ Extends Production Cuts

Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.

OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.

Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”

Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.

Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.

Experts have started predicting $75 a barrel by April.

“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”

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