The Nigerian Government has allocated a loan scheme of N75 billion specifically designed for Micro, Small, and Medium Enterprises (MSMEs).
This initiative aims to enhance the operations of small businesses and to implement supportive programs that address the difficulties and challenges currently facing the nation.
The Minister of Information and National Orientation, Mohammed Idris, made this statement in Abuja during the Media Activation and Town Hall Meeting focused on the Federal Government Loan Scheme for Medium, Small, and Micro Enterprises, as well as Manufacturing Enterprises.
He said the government focuses its intervention programs on micro, small, and medium enterprises (MSMEs) due to their pivotal role as the backbone of the Nigerian economy and labour force.
“The goal is to diversify the Nigerian economy further, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows. We are also keen to ensure that these targeted support programs go a long way towards alleviating the pains and challenges being experienced on account of the bold economic reforms being implemented to put our country back on track of sustainable growth and prosperity,” Idris said.
He said the government acknowledges the difficulties that have arisen as a result of its reforms and is actively undertaking measures to address these challenges.
“We fully recognize that these reforms may have caused temporary hardships, especially for vulnerable populations, and we will do everything in our power to cushion the discomfort. These single-digit loan facilities will be complemented by the ongoing tax reforms designed to reduce the tax burden on Nigerian businesses,” he noted.
Idris stated that the government is committed to repositioning Nigeria for accelerated economic growth by prioritizing industrious and dynamic entrepreneurs nationwide for its intervention initiatives.
“The first phase of the programmes was the 200 billion Naira Federal intervention which was disbursed as one-off conditional grants, targeted at the Nano-businesses segment of the NMSMEs. The second phase of 75 billion Naira, is targeting the Micro, Small and Medium businesses,” Idris said.
The Minister emphasized that, within the framework of the Social Intervention Programmes, prospective applicants are required solely to submit their applications to gain access to the interventions, without needing any connections or prior associations with individuals in government.
“But as we have seen with many of the programs of the Tinubu administration, from the Students Loan Fund (NELFUND) to the Consumer Credit initiative, the Presidential CNG initiative, and also the 50 billion Naira grant fund component of this presidential grant and loan scheme, you do not need connections to enjoy the renewed hope being delivered by President Bola Ahmed Tinubu.
“This is a government of equal and fair opportunities for everyone, and I have no doubt that the selection process for these loans will be guided by the same principles of equity and transparency that the President is determined to entrench in governance in Nigeria,” he said.
The Minister underscored the importance of robust stakeholder engagement as essential for the effective implementation of government programs and policies.
He expressed appreciation to the Office of the Vice President and the Bank of Industry for their leadership in the commendable initiative and for their dedicated efforts to ensure its long-term success.
He has instructed all public information agencies, with particular emphasis on the National Orientation Agency, to collaborate closely with the Office of the Vice President.
Their objective is to facilitate comprehensive public awareness regarding the federal government’s intervention programs across the country.
The Information Minister stated that to ensure comprehensive national inclusion, simultaneous town hall meetings are being conducted across the six geopolitical zones of the country.
These meetings aim to assess the sentiments of Micro, Small, and Medium Enterprises (MSMEs) and to encourage them to leverage available interventions to further enhance their business operations.
