President Muhammadu Buhari has said his administration is working to ensure that at least 10 million Micro, Small and Medium Enterprises (MSMEs) have access to soft credit at a single digit interest rate in a proposed small scale empowerment scheme.
President Buhari, stated that a supportive business environment for entrepreneurs and MSMEs has been created through the development of strategic policy interventions, enshrinement of laws, and establishment of institutions. The federal government is eager to assist MSMEs in realizing their full potential, he added.
Mr. Buhari made the comments, at the 17th Abuja International Trade Fair’s opening ceremony yesterday.
President Buhari said that in order to carry out this plan, the ministry of trade and investment has created a program that will increase access to credit for more than 10 million MSMEs at a single digit rate. He was represented at the event by Otunba Niyi Adebayo, the minister of Industry, Trade, and Investment.
“Aside from provision of finance, this project will address key ecosystem issues such as development of MSME clusters to lower operating costs as well as capacity building initiatives,” the President said at the Abuja event.
He disclosed that the ministry has also commenced the process of adopting a centralised automated platform for the registration of Trademarks, Patents and Designs. The overall objective is to fully digitise existing records and automate the registration process to enable ownership and commercialisation of innovation.
Additionally, the federal government has authorized tax breaks for MSMEs, including exemptions from both company income tax and value-added tax for businesses with annual sales of under 25 million Naira. Additionally, the Pioneer Status Incentive offers tax holidays to new businesses in a variety of industries. The president pushed for a focus on energizing MSMEs as engines of economic growth.
Abubakar said the 17th trade fair will also strengthen trade and investment opportunities in the country, thus, offering a neutral and open atmosphere for blue chip companies, trade groups/associations, and government.
Dr Abubakar enjoined all participants, exhibitors, shoppers and visitors to harness this year’s edition of the fair for business connectivity that will improve the economy. He also urged the participants to attend the special days by different government agencies, ministries, parastatals, states and countries at the fair.
