Economists have welcomed the Federal Government’s launch of a $1 billion social protection program, saying it could ease economic hardship, reduce poverty and help vulnerable Nigerians achieve long-term financial independence.
Dr Uju Ogubunka, former Executive Secretary of the Chartered Institute of Bankers of Nigeria (CIBN), described the intervention as timely, particularly amid rising living costs.
“The program launch is commendable, particularly now that a lot of our people are grappling with economic hardship caused by the cost of living crisis,” Ogubunka said.
He urged state governments to adopt similar initiatives to extend social protection to more Nigerians at the grassroots.
Ogubunka also stressed the importance of accurate data in identifying beneficiaries, warning that poor targeting could undermine the programme’s impact.
“Previous experiences have shown that without adequate data, government efforts do not really get to the targeted people who need such support for their livelihoods,” he said.
He added that effective targeting would help support budding entrepreneurs and ensure that public resources reach those who need them most.
Also, Dr Muda Yusuf, Chief Executive Officer of the Center for the Promotion of Private Enterprise (CPPE), described the initiative as a welcome intervention.
Yusuf said the program could help more Nigerians escape poverty and establish small businesses, particularly as high interest rates continue to make borrowing difficult.
“We need to support our citizenry to get out of poverty and create businesses because bank interest rates are expensive and loan apps are too exorbitant”.
“But this government intervention will go a long way, considering the role small businesses play in the general economy,” he said.
The economist, however, urged the government to complement the financial intervention with investments in critical infrastructure, particularly reliable electricity.
He said improved power supply would reduce the cost of doing business and encourage young Nigerians to develop innovative enterprises.
“Government investment in regular electricity will encourage the youth to be more innovative and create wealth,” Yusuf said.
NAN reports that the Federal Government launched the $1 billion Household Prosperity and Empowerment Social Protection Project (HOPE-SP) on Wednesday at the State House Banquet Hall in Abuja.
The program is designed to move vulnerable Nigerians beyond temporary relief towards sustainable economic empowerment and self-reliance.
The launch formed part of a broader rollout of five initiatives aimed at strengthening Nigeria’s humanitarian response and poverty reduction efforts.
The First Lady, Sen. Oluremi Tinubu, said the initiatives represented a significant step towards improving the welfare of vulnerable individuals, families and communities across the country.
