The Livelihood Improvement Family Enterprises-Niger Delta (LIFE-ND) Project, in Umuahia, Abia state, on Monday had an open disbursement working capital for incubatees(trainees).
According to LIFE-ND State Project coordinator(SPC), Dr Uchenna Rowland Onyeizu, while briefing candidreporters.com correspondent, he said the purpose of the event is to disburse working capital to graduating incubatees of the project.
Dr Onyeizu recalled that it is part of the training climax of the incubatees who have been at various approved incubation(training) centres for capacity building.
While addressing the incubatees during the event, Dr Onyeizu emphasized on the importance and monitoring of the working capitals.
In his words: “After today, in the next two weeks we will provide for the remaining incubatees. We did some about two weeks ago, the first set, you are second batch, and the last batch will happen in two weeks time. These funds are to be monitored closely for proper use.”
Dr Onyeizu gave an instance, he revealed that those on poultry enterprise is entitled to N1,12,000 but the fund will be in the supervision of the incubators on their behalf through which Abia LIFE-ND will supervise the provision of input in collaboration with the incubators and it will be equivalent of the said amount. Thus, where the incubatees are expected to get money is when they finish rearing their birds, sell it and what was invested will be collected while the remaining becomes profit.
The SPC also revealed that from the money mentioned, the incubators will be given 500 birds and 30 bags of feeds and medications that will aid maturity before sales.
A total of eleven communities were mentioned where capital has been disbursed during the event on Monday and it ranges from N1m to N1.5m depending on the commodity.
The number of incubatees present for the disbursement was about 60 while 25 were earlier disbursed in the past few weeks.
Dr Rowland emphasized on the purpose of proper monitoring of the starter fund in line with the projects blue print. He also pleaded with the incubatees to conduct themselves while being trained by the incubators.
The LIFE-ND Project is being funded by the International Fund for Agricultural Development(IFAD).
Also involved in the project is the Federal Ministry of Agriculture, The Federal Ministry of Finance, budget and National Planning, International Fund for Agricultural Development (IFAD), and the United Nations.