In a significant move towards economic growth and job creation, the Federal Government has joined forces with Access Bank to launch a pioneering initiative called “YouThrive by Access,” aimed at empowering Medium, Small, and Micro Enterprises (MSMEs) across Nigeria. The collaboration seeks to address the country’s high unemployment rate by facilitating access to funds and providing comprehensive support for small businesses.
Access Bank’s Head of Non-Financial Services, Chioma Ogwo, highlighted the multifaceted approach of the initiative. Participating small businesses will receive capacity-building, affordable finance, and digital, technical, and skill acquisition training. With an earmarked fund of N50 billion, Access Bank aims to empower 4 million MSMEs over four years, translating to one million businesses annually.
A crucial aspect of the initiative is job creation, with the government aiming to generate 384,000 jobs within the next four years. Senior Special Assistant to President Bola Tinubu on Job Creation and MSMEs, Mr. Temitola Adekunle-Johnson, emphasized the commitment to transparency and accountability, stating, “We will create these jobs for everyone to see. You will hold us accountable.”
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The intervention program offers loans at a 15 percent interest rate, with additional free grants for deserving SMEs that have demonstrated excellence. Ogwo emphasized the significance of a business exchange program, allowing beneficiaries to collaborate with counterparts in other countries to enhance knowledge and skills.
To streamline the funding process, the government aims to ensure a 14-day approval period for SMEs applying for loans, addressing the challenges of prolonged waiting times. The ultimate goal is to establish a single-digit loan norm for MSMEs, promoting swift disbursements after the loan assessment.
Recognizing the impact of environmental challenges on job losses, Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), revealed that 3 million jobs were lost to flooding in 2023. He highlighted the government’s efforts in developing technology to provide early warnings for impending floods, enabling proactive measures to protect communities.
In conclusion, the collaborative efforts between the Federal Government and Access Bank signify a concerted push towards empowering MSMEs, fostering job creation, and addressing economic challenges. This strategic partnership aligns with the government’s commitment to supporting small businesses and cultivating a resilient economy capable of adapting to global shocks.
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