Idealab Agency, a federal body focused on assisting smallholder farmers and micro, small, and medium enterprises (MSMEs) with accessing intervention funds, has urged for the swift passage of a bill to establish the National Council for Public Assistance to Widows, Dependent Children, and Orphans.
At a news conference held at the National Assembly on Monday, Idealab’s Director General, Tyongi Emmanuel Aondoakaa, emphasized that the creation of this council would address key issues such as unemployment and societal challenges contributing to recent protests against poor governance.
Aondoakaa commended the Speaker of the House of Representatives for sponsoring the bill and engaging with stakeholders to build support. He also acknowledged the Speaker’s efforts to reintroduce the bill, which had been previously rejected by the 9th Assembly, aligning it with President Bola Tinubu’s Renewed Hope Agenda.
“The Speaker is hopeful that the 10th Assembly will prioritize this bill, ensuring its swift passage and transmission to the President for approval,” Aondoakaa stated. “This legislation is crucial for the administration’s goal of lifting 50 million Nigerians out of poverty by 2027.”
Aondoakaa stressed that the bill, if enacted, would address issues such as hunger, illiteracy, and the suffering of vulnerable populations, potentially reducing societal tensions and improving government approval.
He outlined the objectives of Idealab Agency, which was officially registered in May 2024 to address challenges faced by smallholder farmers and MSMEs, including barriers to accessing intervention funds, market access, and employment opportunities. The agency also aims to foster wealth creation through digital platforms.
“This initiative follows the Idealab program launched on March 29, 2022, by the Bank of Industry in collaboration with other key stakeholders,” Aondoakaa explained. “The program is part of the Federal Government’s investment in the digital economy and creative enterprise, supported by the World Bank Group’s International Finance Corporation venture capital funds.”
According to Aondoakaa, Idealab provides various financial supports, including grants, scholarships, aid, employment, market access, and loans ranging from ₦500,000 to ₦200 billion. However, he noted that many Nigerians remain unaware of these opportunities or have yet to benefit from them.
“It is essential for the National Assembly, media, and other stakeholders to help Idealab Agency in mobilizing and raising awareness about these intervention programs,” Aondoakaa urged.
Idealab Agency has implemented advanced technologies to promote financial inclusion and inclusive growth across Nigeria, aiming to ensure that intervention programs reach every community.
