The Nigerian Federal Government has set aside N200 billion to assist manufacturing and Micro, Small, and Medium-Sized Enterprises (MSMEs) in an effort to create jobs and promote economic expansion.
The declaration was made by Nura Rimi, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, at a capacity-building event for MSMEs in Lokoja, Kogi State.
In an effort to standardize the provision of Business Development Services (BDS) across the nation, THE MATRIX finds that the government has also started licensing Business Development Service Providers (BDSPs) on the basis of a new certification and accreditation system.
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In addition to emphasizing capacity building, the workshop held in Lokoja offered a networking opportunity that promoted cooperation and idea exchange among MSMEs.
This 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.
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The earmarked funds will be made accessible to small business owners through a single-digit interest loan, facilitating business expansion and wealth creation.
The Permanent Secretary highlighted previous government interventions in the MSME sector, such as the Anchor Borrowers Programme (ABP), Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), and the N10 billion National Enterprise Development (NEDEP) Fund.
These interventions are targeted to support MSME growth, fostering industrialization and economic advancement.
