Mkpoikana Udoma
Port Harcourt — The Federal Government has announced a N75 billion grant initiative aimed at empowering small businesses across Nigeria, as part of President Bola Ahmed Tinubu’s administration’s economic reform agenda.
Minister of Information and National Orientation, Mohammed Idris, made the announcement in Abuja during the Media Activation and Town Hall Meeting on the Federal Government Loan Scheme for Medium, Small and Micro Enterprises and Manufacturing Enterprises.
Idris said the government was targeting the MSMEs with its intervention programmes because they remain the engine of the Nigerian economy, collectively employ over 80 percent of the nation’s labour force, and contribute nearly half of the national GDP.
He added that the Tinubu administration was committed to repositioning Nigeria for rapid economic growth and, in doing so, was prioritizing hardworking and energetic entrepreneurs across the country for its intervention schemes.
The Minister said the first phase of the programmes was the N200 billion Federal intervention, with N50 billion disbursed as one-off conditional grants, targeted at the Nano-businesses segment of the NMSMEs.
He said the second phase of N75 billion, was targeting the Micro, Small and Medium businesses.
“The goal is to diversify the Nigerian economy further, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows. We are also keen to ensure that these targeted support programs go a long way towards alleviating the pains and challenges being experienced on account of the bold economic reforms being implemented to put our country back on track of sustainable growth and prosperity.
“We fully recognize that these reforms may have caused temporary hardships, especially for vulnerable populations, and we will do everything in our power to cushion the discomfort. These single-digit loan facilities will be complemented by the ongoing tax reforms designed to reduce the tax burden on Nigerian businesses,” he said.
The Minister stated that to ensure no part of the country is left behind, similar town hall meetings are being held simultaneously across the six geo-political zones of the country to gauge the sentiments of MSMEs as well as to mobilize them to take advantage of the interventions to further enhance their businesses.
The Minister stated that, under the Tinubu Social Intervention Programmes, applicants only need to submit their applications to access the interventions, without requiring connections or knowing someone in government.
“But as we have seen with many of the programs of the Tinubu administration, from the Students Loan Fund, to the Consumer Credit initiative, the Presidential CNG initiative, and also the N50 billion grant fund component of this presidential grant and loan scheme, you do not need connections to enjoy the renewed hope being delivered by President Bola Ahmed Tinubu.
“This is a government of equal and fair opportunities for everyone, and I have no doubt that the selection process for these loans will be guided by the same principles of equity and transparency that the President is determined to entrench in governance in Nigeria,” he said.
The Minister, who remarked that robust stakeholder engagement was paramount for the successful implementation of government programmes and policies, commended the Vice President, and the Bank of Industry, for taking the lead on the laudable programme and for working hard to make it an enduring success.
