The Federal Government of Nigeria has earmarked N200 billion to support Micro, Small, and Medium Enterprises (MSMEs) as well as the manufacturing sectors. The initiative aims to create more job opportunities and stimulate economic growth in the country. The announcement was made by the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Nura Rimi, during a capacity-building event for MSMEs in Lokoja, Kogi State.
The allocated funds will be accessible to small business owners through a single-digit interest loan, facilitating business expansion and wealth creation. Additionally, the government has initiated the licensing of Business Development Service Providers (BDSPs) based on a new certification and accreditation framework to standardize the delivery of Business Development Services (BDS) across the country.
The Permanent Secretary highlighted previous government interventions in the MSME sector, including the Anchor Borrowers Programme (ABP), Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), and the N10 billion National Enterprise Development (NEDEP) Fund. These interventions aim to support the growth and development of MSMEs, fostering industrialization and economic advancement.
The workshop organized in Lokoja not only focused on capacity building but also provided a platform for networking to encourage collaboration and idea-sharing among MSMEs. The commitment to the MSME sector aligns with the Renewed Hope Agenda of President Bola Tinubu, recognizing the pivotal role of MSMEs in driving economic growth.
The Governor of Kogi State, represented by the Managing Director/Chief Executive Officer of Kogi Enterprises Development Agency (KEDA), expressed the state government’s commitment to implementing the training initiatives across the state, emphasizing the positive impact on SMEs and the overall economy.
