The Director General of the Small and Medium Enterprises Development Agency of Nigeria SMEDAN Dr. Dikko Umaru Radda has lauded the Jaiz Charity and Development Foundation for its intervention initiatives and expressed the Agency’s commitment to work with the foundation.
He told a delegation of the foundation led by its Director General, Ambassador Adamu Babangida Ibrahim who paid him a courtesy visit in his office that the foundation‘s vision of making life better for the society and less privileged is worthy of commendation.
Dr Radda noted that the objectives of the foundation were similar to the mandate of the Agency “I strongly believe we can work together with you in the area of economic empowerment” He stressed.
The Director General equally affirmed that the Agency can provide entrepreneurship development to the people that will benefit from NDDC’s empowerment programmes. He lamented that most of the challenges facing MSMEs in Nigeria are due to lack of capacity building. He used the visit to assure the delegation that his agency will help in that area of capacity building, because, besides providing entrepreneurship training we also provide Business development support by way of counseling and mentorship.
He paid tributes to the foundation for introducing empowerment initiatives which the Agency will surely key into particularly on orphans and widows initiative, interest free micro finance, the Islamic insurance and Halal certification process with Halal Research Council in Pakistan.
Dr Radda told the Jaiz team that the Agency will soon commence its Conditional Grant Scheme (CGS) programme in six states. He explained that the scheme will go a long way in mainstreaming the MSME sector, adding; “we realize among the 37 million MSMEs in the country, 99% are informal and there is no way we can grow or develop any enterprises if they are not formalized”.
Earlier, the Director General /CEO of the Jaiz Foundation , Ambassador Adamu Babangida Ibrahim said Jaiz Charity and Development Foundation is a non-governmental Organization established by the first non-interest bank in the country Jaiz Bank Plc.
He said the funds for running the foundation were from interest earnings from deposits for shares with the CBN prior to its licensing that cannot be used by the bank. Ambassador Ibrahim said they were in SMEDAN to intimate the management on what the foundation stands for and what both organizations could benefit from each other.
He told the Director General that the foundation has also provided interventions to ameliorate the sufferings of internally displaced persons (IDP) affected by insurgencies and other communal clashes across the country. He added that the sources of the foundation’s income are Halal based investments, adding one of such investments aimed at providing Islamic Insurance services in Nigeria is the Jaiz takaful Insurance which was set up to provide alternative Insurance services which are shariah compliant. Ambassador Ibrahim also revealed that the Foundation was working hard to get the Halal certification that will help in the promotion of export goods and products.