FG commits to supporting MSMEs with funding, reduced business costs

In a recent development, the federal government has reaffirmed its dedication to facilitating funding access and lowering operational expenses for Micro, Small, and Medium Scale Enterprises (MSMEs) across the nation.

Mrs. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, emphasized this commitment during the inauguration of over two million small businesses registered by the Corporate Affairs Commission (CAC) in Abuja on Wednesday.

“We are committed to facilitating cheaper funding and intervention grants to bolster MSMEs, reducing the financial burden associated with their operations,” stated Mrs. Uzoka-Anite, citing the administration’s determination to foster job creation, financial inclusion, and poverty alleviation.

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Acknowledging the barriers hindering many individuals from realizing their business ideas, such as lack of education and financial resources, the Minister highlighted the government’s readiness to collaborate and provide necessary support to aspiring entrepreneurs.

Mr. Hussaini Magagi, Registrar-General of the CAC, attributed the significant milestone of registering two million small businesses to the unwavering support of the Minister of Trade, underscoring the pivotal role of regulatory compliance in the Company and Allied Matters Acts (CAMA).

Furthermore, Mr. Babatunde Olofin, Managing Director of Moniepoint, a prominent player in facilitating financial services for small businesses, outlined plans to integrate their vast customer base into the formal sector through partnerships with CAC and technology firms like Norebase.

“We aim not only to register businesses but also to furnish them with essential financial support, leveraging technology for seamless integration into the formal economy,” explained Mr. Olofin, expressing optimism about registering over 30 million businesses within five years.

The initiative seeks to empower businesses trading on various platforms, including Instagram, by offering them opportunities to operate within the structured formal sector, thereby contributing to economic growth and development.