His Excellency President Bola Ahmed Tinubu stated in his speech on Monday that the government will invest N125 billion in Micro, Small, and Medium Enterprises (MSMEs).
“Our administration recognizes the importance of micro, small, and medium-sized businesses, as well as the informal sector, as growth drivers.” We intend to inject N125 billion into this vital sector.”
“We will spend N50 billion of the total on conditional grants to 1million Nano businesses between now and March 2024.” Our goal is to provide N50,000 to 1,300 Nano business owners in each of the country’s 774 local governments.” He went on to say
He believes that this will help drive financial inclusion by bringing recipients into the formal banking sector.
He closed this section of his address by announcing that with N75 billion, they will fund 100,000 MSMEs and start-ups, and each firm promoter will be eligible to obtain between N500,000 and N1 million under this scheme at 9% interest per annum and a repayment period of 36 months.
When the president ended his address to the nation, individuals took to social media to express their thoughts on everything he said.
“The turnover is not expected in 30 days and thus does not meet the purpose,” @owoniyilb tweeted.
“Same things y’all said in 2015 and 2019, yet no implementation,” remarked another Twitter user, @inioluwajosep.
Read also
- Nigeria to champion fair, inclusive global financial system as it assumes G-24 leadership
- NSDC launches outgrower programme to boost local sugar production, rural incomes
- Artistic Pulse Festival to spotlight Nigeria’s creative industry, sustainable innovation
- NACCIMA pushes stronger Nigeria–China partnership for SME growth
- NSDC rolls out sugarcane support scheme for agripreneurs
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
