Access Bank and the federal government have forged a new alliance to provide enhanced access to funds for Medium, Small, and Micro Enterprises (MSMEs) across Nigeria through the “YouThrive by Access” initiative.
Chioma Ogwo, Head of Non-Financial Services and Emerging Businesses at Access Bank, highlighted that the initiative would empower small businesses through capacity building, affordable finance, and digital, technical, and skill acquisition training.
Temitola Adekunle-Johnson, Senior Special Assistant to President Bola Tinubu on Job Creation and MSMEs, emphasized the government’s commitment to creating 380,000 jobs within four years, aiming for a single-digit loan interest rate for MSMEs.
Access Bank has allocated N50 billion for the intervention program, offering loans at a 15% interest rate, with free grants for deserving SMEs. The bank plans to empower 4 million individuals over four years, providing access to finance for 700,000 yearly and training for 300,000.
Minister for Communications, Innovation, and Digital Economy, Olatunbosun Tijani, urged empowering technology-inclined youths to leverage technology and innovation for MSMEs’ productivity, aiming for Nigeria to become a net exporter of technology.
Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), disclosed that 3 million jobs were lost to flooding in 2023. He highlighted the government’s development of technology to predict and prevent flooding, aiding in proactive measures to protect potential victims.
