Abuja — The policies of our Governments in the North must be re-directed to reflect and encompass adequate economic measures just to encourage our small entrepreneurs who constitute the informal sector with a view to developing and enhancing their businesses.

Among the factors that discouraged the rapid growth of the sector is the financial backup or requirements which served as oil in lubricating business. If the informal sector is encouraged to develop there is the general belief that the country's economic base is laid with concrete and solid foundation.

A chance is here with us with loaded financial package in an established format to deliver and bring nearer to the people just as the local governments were meant to bring government nearer to the people.

For example, the establishment of Microfinance Banks (MFBs) in this part of the country is not given prominence it desires. With only N20 million, a unit of MFB would be set up by a community, local government or even a state government for the enormous benefit of the people.

The people, also, had to contribute to make it a success. Before our people come together to donate N20 million to establish a unit of MFB, it would take years before the dram is realized.

Let me illustrate here clearly. There was a time we made an attempt to contribute for the benefit of establishing unit of MFB in a certain local government in the North.

We were lucky to have raised N300, 000 for that purpose because the rate at which poverty played its role has gone dip into the minds of the people cannot be overemphasized.

However, we shall be equal to the task. According to the Central Bank of Nigeria , Head MFB Division, Mr. Joe Alegieno, a total number of 716 Microfinance Banks were licensed to operate as unit MFB.

Surprisingly, out of this figure, North has the following numbers: North - Central 78; North - West 44; North - East 33. Total is 155. Therefore, a balance of 716 less 155 = 561 units of MFBs were allocated licenses to operate in the South of the country.

In fact, this is a good indicator on our part to address the issue on whether we want to eradicate poverty in the North in line with Millennium Development Goals or allow the monster to live with us to succeed perpetually.

Glaringly, the state Governors were directed by the CBN Regulatory Framework of the MFBs to set aside 1% of the annual budgets to MFBs with a view to assisting the less privileged in the informal sector develop and enhance their businesses.

Whether it would be observed or not, its left for the leaders to decide.

All the assistance the informal sector requires may not be more than N5 million - N10 million in one local government per annum. The borrowers are petty traders, fashion designers, carpenters, Akra sellers, Barbers, etc. additionally, the MFB is there permanently with the people to take care of their financial needs any time and any day.

It's a well known fact that some entrepreneurs have been in the business for over 30 years, yet, the business is stagnant. No improvement on either part of the business or the owner himself/herself.

Lastly, North and its leaders must wake up, once again, to face the challenges ahead, if, we really want economic development and equip the informal sector adequately with necessary tools to succeed.

Their success is our achievements. Our achievements go to the records of economic indicators of Gross Domestic products (GDP) that will reflect in the country's per capita income.

Next, we will talk of exports that will compete favourably with other countries goods and services. Our currency will appreciate and foreign reserves improve considerably. Everybody in the country will be happier and accommodating. Before we know it the country is being registered among the top economies in the world. But, not at the rate we are going, now.

Alh. Dankanti Gumel writes from Darmanawa Quarters, Tarauni Local Government, Kano.