The Federal Government on Thursday announced that over N75 billion has been allocated to provide loans to Micro, Small and Medium Enterprises (MSMEs) in 2024 at single-digit interest rates.
The Minister of Industry, Trade and Investment said this at the opening ceremony of the 18th Abuja International Trade Fair organized by the Abuja Chamber of Commerce and Industry (ACCI). Doris Uzoka Anite says in Abuja that the growth of small and medium enterprises is key to the country’s economic development.
According to her, “The plan to support small and medium-sized enterprises and start-ups in Nigeria is a response to the country’s current economic challenges.”
“We will disburse 75 billion naira by March 2024 to strengthen our manufacturing sector. We will also disburse small grants to small and medium enterprises in each of the 774 local government bodies of the federal government.
“We have also earmarked a N75 billion fund that will be used to support up to 100,000 startups and MSMEs with a unique digital interest rate repayable in 36 months.”
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Represented by Director Commodities and Exports, Kaura Irimiya, the Minister added that “empowerment of MSMEs is essential to empower youth and women and help them contribute to economic development of the country.
“MSME growth has a positive impact on the economy because it allows individuals to support their families and add value. We all know the important role trade plays in stimulating the economy and promoting sustainable development.
“Thanks to the increase in trade, our goals of enhancing job creation, increasing GDP, increasing foreign exchange earnings and reducing insecurity will be realized,” she noted.
In his welcoming speech, ACCI President Dr. Al-Mujtaba Abubakar said the 18th edition of the program, with the theme “Sustainable Finance and Taxation as Drivers of the New Economy”, will provides a form of platform that allows companies to engage in financial and tax matters. facilities.
“The exhibition will introduce innovative products and solutions in fields such as Fintech, tax collection, payment systems, e-health, food processing and environmental safety. »
He said AITF is a trusted global business destination that attracts more than 500,000 consumers and provides a platform for business relationships, opportunities and business ideas.
The program will last for the next 12 days.
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