The Federal Government has seen how poverty is ravaging Nigeria and the people and it has resolved to support businesses from failing.
Its focus is on Micro, Small and Medium Enterprise (MSMEs) and it wants to ensure that the unemployment rate in Nigeria will not go overboard.
When your policy subject people to pain and misery, the least you can do is to try and ameliorate it.
Easing that pain seems like what this Tinubu’s administration is set to do for Nigerians in the business terrain.
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The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, is reeling out a plan to support businesses and business owners with cash.
Uzoka-Anite said the government has set aside a ₦75 billion intervention fund to support Micro, Small and Medium Enterprises (MSMEs).
According to the Minister, the intervention fund will help to alleviate the current economic challenges.
She made the disclosure at the opening of the 18th Abuja International Trade Fair (AITF) in Abuja.
Eyes On 2024
The Director of Commodity and Export in the ministry, Kaura Irimiya, represented the Minister.
According to him, “the fund would be disbursed in March 2024 to strengthen the manufacturing sector”.
Irimaya said small grants would be given to MSMEs in all the 774 local government areas in Nigeria.
Also, Uzoka-Anite said: “We intend to spend ₦75 billion by March 2024 to strengthen the manufacturing sector.
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“We also intend to provide small grants to micro businesses in each of the 774 local governments of the federation.
“We have also earmarked a fund of ₦75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.
“Last week, we launched the National Technology Export (NATEP) programme, in partnership with Microsoft.
“Earlier this year we launched the $600 million Investment in Digital and Creative Enterprises (iDICE) programme, in partnership with African Development Bank and other partners”.
