President Bola Tinubu has restated his commitment to providing 50 billion Naira in conditional grants to one million nano businesses by March 2024. This initiative aims to bolster the capabilities and capacities of Micro, Small, and Medium-scale Enterprises (MSMEs), which are the lifeblood of the country’s economy.
He made this announcement during the opening ceremony of the 2023 Lagos International Trade Fair (LITF) in Lagos, where he officially inaugurated the fair for the public. President Tinubu, represented by Lucia Shittu, the Chief Executive Officer of Tafawa Balewa Square (TBS) Lagos, emphasized that the LITF has historically been a significant platform for Nigerian businesses to connect with their global counterparts, fostering collaboration and sharing ideas that can unlock the full potential of the nation’s economy.
President Tinubu highlighted the crucial role of MSMEs in driving economic growth and development, emphasizing the government’s responsibility to provide them with the necessary support and resources to thrive and expand their businesses. He stressed the importance of granting these businesses access to finance, capacity building, energy, and funds to reach new heights of success. One of the key initiatives in this regard is the Presidential conditional grant for nano businesses within the MSME sector, designed to serve as working capital and revitalize their trade.
Furthermore, President Tinubu emphasized the pivotal role of technology in connecting and advancing businesses in today’s globalized world, underscoring the need for unity and collective strength to build a prosperous future. He emphasized that value creation extends beyond profit margins and should encompass positive impacts on communities, the nation, and the world at large.
Read also:
- U.S. to scale up trade and investment in Africa, unveils new strategy for 2025
- Apply now: Get faster citizenship, business permits with FG’s new digital platform
- Apply now: Get up to ₦500,000 in non-repayable grant for your business
- Apply now for citizenship, business permits on Nigeria’s new digital platform
- Lagos launches N10bn aquaculture hub to boost fish farming, exports
- Radda revives historic groundnut mill, creates 500 Jobs
President Tinubu also revealed plans to allocate 125 billion Naira to energize the MSME sector. The goal is to provide 50,000 Naira each to 1,300 nano business owners in each of the 774 local governments nationwide, aiming to enhance financial inclusion by integrating beneficiaries into the formal banking system. Additionally, 100,000 MSMEs and start-ups will receive funding of 75 billion Naira, with each enterprise promoter eligible for loans ranging from 500,000 to 1 million Naira at a nine percent interest rate per annum and a 36-month repayment period.
Discussing the fair’s theme, ‘Navigating economic challenges: forging a path to prosperity,’ Dr. Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI) and the fair’s organizer, acknowledged the substantial challenges faced by local manufacturers despite their potential for growth and prosperity. He pointed out that this year’s theme reflects the reality of Nigerian businesses, highlighting their determination to overcome challenges such as rising inflation, unstable exchange rates, and over-reliance on oil revenue.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
