The Federal Government is prioritizing solutions to ensure that Medium, Small, and Micro Enterprises (MSMEs) receive loans within 14 days to reduce business mortality rates caused by lengthy approval processes. Senior Special Assistant to the President, Temitola Adekunle-Johnson, highlighted this at the Inaugural Job Creation and MSME Quarterly Communications Forum in Abuja.
Adekunle-Johnson emphasized the goal of achieving single-digit loans for MSMEs, aiming to make them the norm. The government has partnered with Access Bank to allocate N50 billion to support skills acquisition for 5 million Nigerians under the ‘YouThrive’ initiative, focusing on empowering MSMEs through capacity building, access to affordable finance, and digital, technical, and skill acquisition training.
Chioma Ogwo, Head of Non-Financial Services at Access Bank, outlined the empowerment strategies, including affordable loans at 15% interest, free grants for deserving SMEs, and a business exchange program for beneficiaries to exchange ideas with counterparts abroad.
Meanwhile, Charles Odii, Director-General of SMEDAN, highlighted the impact of flooding on job losses in Nigeria in 2023, emphasizing the agency’s efforts to mitigate MSME challenges. Senator Ibrahim Hadejia, Deputy Chief of Staff to President Tinubu, underscored the importance of MSMEs in fostering economic resilience and emphasized the role of technology in agriculture for GDP growth and youth engagement.
