Federal Government Unveils Ambitious Plan to Formalize One Million Businesses Across Nigeria at Discounted Rates

Mubashir Shehu

10 months ago

In a groundbreaking move towards bolstering the entrepreneurial landscape in Nigeria, the federal government has officially declared its intention to formalize one million businesses across the country, offering them a unique opportunity at discounted rates. Vice President Kashim Shettima made this announcement during the launch of the Expanded National MSME Clinic in Makurdi, Benue State, on Tuesday.

According to a statement by Stanley Nkwocha, spokesperson to the Vice President, Shettima emphasized the significance of the MSME Clinic in empowering micro, small, and medium enterprises (MSMEs) by eliminating barriers and providing essential resources. Acknowledging the pivotal role of MSMEs in job creation and economic development, the Vice President assured entrepreneurs and stakeholders present at the event of the government’s unwavering commitment to fostering a thriving MSME ecosystem.

“We have everything to guide your ambition,” Vice President Shettima declared.

Furthermore, Shettima revealed concrete steps already taken to support entrepreneurs, including a N75 billion 9% single-digit loan scheme from the Bank of Industry and Access Bank’s discounted N50 billion fund offer at a rate of 15%. The latter could see an increase based on loan performance, demonstrating the government’s dedication to resolving challenges faced by MSMEs in Nigeria.

In addition to access to discounted loans, the MSME Clinic promises immediate access to working capital, formalization assistance through the Corporate Affairs Commission (CAC), and export guidance from the Nigerian Export Promotion Council (NEPC).

Looking ahead, Shettima disclosed plans to roll out more MSME Clinics in states such as Ebonyi, Ogun, Delta, Kaduna, Borno, Katsina, and the Federal Capital Territory (FCT) in the first half of 2024. Moreover, he announced that President Bola Tinubu is set to establish a world-class fashion hub in Makurdi, which is expected to become operational within 90 days.

This initiative not only signifies a significant stride in the economic development of Nigeria but also underscores the government’s proactive measures to address the challenges faced by MSMEs. As the nation strives for a more robust and inclusive business environment, these efforts are poised to create a positive ripple effect on job creation and overall economic growth.

Source:
Nairametrics – January 10, 2024

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