In a significant stride, the Abuja Enterprise Agency (AEA) has received an overwhelming response of over 10,000 applications from Small and Medium Scale Enterprises (SMEs) in the Federal Capital Territory, all vying to access the Nigeria COVID-19 Action Recovery Plan and Economic Stimulus (N-CARES) program, backed by the World Bank.
Chudi Ugwuada-Ezirigwe, acting Managing Director and CEO of AEA, revealed this during a dedicated training session for 1,000 selected SMEs engaged in the program. The N-CARES initiative, launched by the World Bank in 2020, is geared towards alleviating the impact of COVID-19 on Nigerian businesses by providing recovery support funds for SMEs.
Ugwuada-Ezirigwe underscored the agency’s commitment to diligent implementation across the six Area Councils of the Federal Capital Territory. Out of the extensive pool of applications, over 1,000 SMEs were strategically chosen for training based on World Bank criteria.
Beneficiaries were encouraged to use the grants in accordance with World Bank standards, recognizing the pivotal role SMEs play in driving economic growth and development. The training encompassed financial literacy, access to loans, and addressing challenges associated with SMEs.
Expressing gratitude, Mr. Wilson Ameh, one of the beneficiaries, anticipated a positive impact on businesses and an improvement in the quality of life, showcasing the potential for transformative change through the N-CARES program.
