The Federal Government has set aside 500 million dollars in bonds to assist  the growth of small-scale businesses in the country.

President Goodluck Jonathan said this on Sunday  in Abuja while addressing workers to mark the  2011 May Day celebration.

The  theme of Jonathan’s address was, “Growing the  National Economy for Job Creation and People”s Welfare”. Jonathan said that the Africa Development Bank (ADB)  was also offering 500 million dollars to further encourage small-scale enterprises. He said that to further boost the economy, the  government was on the verge of reducing the interest  rate to single digit to facilitate borrowing.

“All these are aimed at boosting the economy and  creating more jobs,” Jonathan said. The president also said that 10 power plants were  being constructed to boost electricity supply. He added: “We are also building hydro-power plants  in Mambilla and Zungeru as well as various other  sub-stations across the country.

“All these are aimed at ensuring steady power supply  in the country and boosting the economy through the  creation of the job opportunities.” On workers’ welfare, Jonathan said the government  was conscious of their suffering but added that  efforts were being made to improve their lot.

According to him, the passage of the minimum wage  bill into law has ensured that no employee earns  less than N18,000. He gave an assurance that the proposed construction of 845,000 housing units for civil servants would be  realisable. The President was represented by Vice-President  Namadi Sambo.

Also speaking, the Minister of Labour and Productivity, Chief Emeka Wogu, said the enactment of the Employees  Compensation Act would address insecurity in the work  place. Wogu stressed that workers who sustained injuries during  while on service must be compensated.

He added: “We shall also continue to come up with  policies to encourage and promote social dialogue as  well as the establishment of viable, collective machinery  in both the public and private sectors of the economy.” The minister expressed delight at the patience and  attitude workers displayed during negotiations for the  minimum wage, noting that Nigerian workers were among the best in the world.

Abdulwaheed Omar, Chairman of the Nigeria Labour  Congress (NLC), said although the economy was said to have grown by more than six per cent, unemployment and  poverty remained critical challenges facing the nation.
Omar urged the government to take steps to quickly to reverse the current rise in the inflationary level.

“What we seek is a balance and inclusive growth; what  is needed is the developmental state that will lead to creation of an economy that is people centred, one that  would promote true development and not jobless growth,”  he said.

Mr Peter Esele, Chairman of the Trade Union Congress  (TUC), said the challenge facing the country was to  generate more wealth to meet a growing population  that was projected to double in 2050. Esele noted that increasing the size of the economy  would require an annual gross domestic productivity  growth in double digits to achieve the country”s 2020  millennium goal.