The Abuja Chamber of Commerce and Industry has commended the Federal government over the proposed plan to energize Small and Medium-sized Enterprises (SMEs) with N125 billion grants recognizing the sector as the driver of economic growth.
In a statement signed by the president of ACCI, Dr Al -Mujtaba Abubakar, the Chambers advised the government that all businesses in the country should be registered with the ACCI, stating that the initiative will allow for effective and transparent distribution of loans and grants while also strengthening the database of business activities across the nation.
He expressed confidence in the present administration to turn the tide of the economy from consumption to production through pro-business policies that will enhance the business community and attract foreign direct investment.
Abubakar further stated that ACCI will continue to speak on friendly policies that will benefit the business community in the ease of doing business.
President Bola Ahmed Tinubu had said in a Nationwide broadcast a few days ago that his administration will release the grant as means to address the effect of the removal of fuel subsidy on businesses and Nigerians.
He explained that out of the sum, the Federal Government will spend N50 billion on Conditional Grants to one million nano businesses between now and March 2024.
Tinubu said the target of his administration is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country, adding that this ultimately will further drive financial inclusion by onboarding beneficiaries into the formal banking system.
“In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at 9% interest per annum and a repayment period of 36 months. he stated.”
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