The Federal Government, FG has declared its intention to support the growth of Micro Small Medium Enterprises, MSMEs sector, in Nigeria, with about N125 billion.
It also stated its intention to establish a world-class fashion hub in Makurdi, the Benue state capital for use by small businesses in the tailoring cluster, adding that the hub would be ready in 90 days.
Disclosing the plans of the federal government during the Expanded National MSME Clinic in Makurdi, on Tuesday, Vice President Kashim Shettima, explained that the FG in collaboration with the Bank of Industry, BoI and Access Bank have concluded modalities for the disbursement of loans to support MSMEs in the country.
The Vice President also stated that the federal government would ensure it rids the sector of all bottlenecks tht have acted as impediments to the growth of the sector.
He however noted that while the Bank of Industry (BoI), would make available N75 billion for the MSMEs at a single digit rate of 9%, Access Bank would come up with N50 billion at a discounted rate of 15%.
In the words of Vice President Shettima: “We currently have in place a N75 billion 9% single-digit loan from BOI. Additionally, Access Bank has made N50 billion of their fund available to MSMEs at a discounted rate of 15%, which could significantly increase based on loan performance.
“Mr. President is committed to resolving the bottlenecks affecting the MSME space in Nigeria and will persist until these issues are resolved.
“Also, His Excellency, President Bola Ahmed Tinubu, has unveiled the plan to establish a world-class fashion hub in Makurdi, for use by small businesses in the tailoring cluster in the state. This hub will be ready in 90 days. We are glad that the pioneering spirit of Benue State has set the stage for a transformative MSME Clinic train.
“Additionally, the Federal Inland Revenue Service (FIRS) is available to provide tax advisory services. We are in discussions with the CAC (Corporate Affairs Commission) to formalize one million businesses at a discounted rate.
“These latest interventions aim to complement existing measures for safeguarding your investments and projections.”
The Vice President further noted that “Following this trailblazing journey, the MSME Clinic train is scheduled to traverse through Ebonyi, Ogun, Delta, Kaduna, Borno, Katsina, and the FCT in a meticulously planned itinerary for the first half of the year.
“The crescendo of this monumental effort will culminate in the National MSME Awards set to grace the FCT on the 27th of June 2024, a fitting celebration to commemorate the United Nations World MSME Day”, he stated.
He said that the plans were not just in fulfilment of President Tinubu’s promise
of job creation and accessible capital to Nigerians, but also a homage to the unparalleled spirit of industriousness that defines the people of Benue State.
Shettima lauded the people of the state said, “We are in a land known for its commitment to hard work, excellence in art, pursuit of creativity, elevation of agriculture, and promotion of commerce. These stand as a testament to the remarkable productivity ingrained within the core of Benue State.
“The reputation earned by the diligent efforts of every person in this food basket of the nation is a beacon of inspiration for us all, and I am honored to join you today.There’s a reason we are holding this expanded National MSME Clinics, the first of its kind by this administration, in this beautiful state.
“It’s to recognize the role Benue State has played in offering the nation a means of trade and a vehicle for driving the MSME subsector towards our objective”, he stated.
Also speaking at the occasion, the Minister of Water Resources and Sanitation, Prof Joseph Utsev pointed out that entrepreneurship was one of the world leading ways of developing nations worldwide.
While he Prof commended the Benue Government for collaborating with the Federal Government for the successful organisation of the event, he explained that his Ministry was targeting 500,000 hectares of land for irrigation farming in 2024, in line with President Tinubu’s renewed hope agenda.
He noted that the FG would provide dams in certain areas in order to boost dry season farming and make available water to rural dwellers in the state, as a means of boosting their economic standard of living. End.
