The Federal Government on Thursday revealed that over N75 billion has been earmarked to provide funding for Micro, Small and Medium Enterprises (MSMEs) at a single-digit interest rate in 2024.
Speaking in Abuja at the opening of the 18th edition of the Abuja International Trade Fair hosted by the Abuja Chamber of Commerce and Industry (ACCI), the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite said the growth of small businesses is key to the development of the country’s economy.
According to her, “the plan to support small businesses and startups in Nigeria is a response to the country’s current economic challenges.
“We intend to spend N75 billion by March 2024 to strengthen the manufacturing sector. 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 N75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months”.
Represented by the Director of Commodity and Export, Kaura Irimiya, the Minister further stated that “empowering MSMEs is key to empowering youth and women and enabling them to contribute to the nation’s economic development.
“The growth of MSMEs has a positive impact on the economy as it enables individuals to support their families and add value. We all know the important role that trade plays in stimulating our economy and driving sustainable development.
“Through increased trade, our goal of increased job creation, increased GDP, increased foreign exchange earnings and reduced insecurity will be actualised” she noted.
In his welcome address, the President of ACCI, Dr. Al-Mujtaba Abubakar said the 18th edition of the Trade Fair with the theme ‘Sustainable Financing and Taxation as Driver for New Economy’ will provide a platform for businesses to engage with financial and tax institutions.
“The Fair will showcase innovative products and solutions in sectors such as Fintech, tax collection, payment systems, e-health, food processing and environmental safety.”
He said the AITF has served as a trusted global trade destination, attracting over 500,000 consumers and providing a platform for business relationships, trade opportunities and ideas.
The Trade Fair will last for the next 12 days.
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