In a significant move aimed at job creation and economic empowerment, the Federal Government of Nigeria has joined forces with a consortium of MSME-focused partners to launch a transformative intervention program. The initiative is set to benefit a staggering 1.3 million Micro, Small, and Medium Enterprises (MSMEs) across 17 states and the Federal Capital Territory (FCT). This groundbreaking development was officially unveiled in a statement released by the Office of the Vice-President and signed by Director of Information, Olusola Abiola.
The coordination of this ambitious initiative falls under the purview of the MSME and Job Creation unit of the Vice President’s office. The primary goal of these interventions is to realize the administration’s commitment to job creation and economic diversification, with a keen focus on the pivotal role played by MSMEs in achieving these objectives.
Nature of the Intervention
The program is set to unfold across 17 states and the FCT, targeting markets that will receive critical infrastructure enhancements, with a special emphasis on the provision of reliable electricity. The key components of the intervention include:
- Shared Centres for MSMEs: These centers will be equipped with 300kVA Solar Panels and Mini-grids, ensuring a consistent supply of electricity for up to 8 hours a day. This enhancement is poised to significantly boost productivity for businesses operating in these locations.
- Fashion Hubs and Furniture Clusters: A total of six Fashion Hubs and two Furniture Clusters will be established, fostering growth and innovation within these creative industries.
- Specialized Hubs: The intervention program also includes the establishment of car painting and drying hubs, as well as cold rooms for seafood storage, addressing critical needs in these sectors.
States Set to Benefit
The impact of this initiative will be felt across the following states and the Federal Capital Territory:
- Abia
- Rivers
- Jigawa
- Benue
- Borno
- Lagos
- Ekiti
- Niger
- Sokoto
- Enugu
- Gombe
- Akwa Ibom
- Yobe
- Ondo
- Osun
- Bayelsa
- Imo
- Federal Capital Territory (FCT)
Future Initiatives
The statement also disclosed that an additional 12 interventions are in the pipeline, with completion slated for December 2024. These forthcoming initiatives are expected to further bolster the economic landscape and employment prospects in Nigeria.
Key MSME Partners
This momentous partnership comprises several crucial MSME-focused entities, including:
- SMEDAN (Small and Medium Enterprises Development Agency of Nigeria)
- NAFDAC (National Agency for Food and Drug Administration and Control)
- ITF (Industrial Training Fund)
- BOI (Bank of Industry)
- SON (Standards Organization of Nigeria)
- NEPC (Nigerian Export Promotion Council)
- NEXIM (Nigeria Export-Import Bank)
- CAC (Corporate Affairs Commission)
- FIRS (Federal Inland Revenue Service)
- NITDA (National Information Technology Development Agency)
- RMRDC (Raw Materials Research and Development Council)
- BOA (Bank of Agriculture)
This innovative collaboration between the Federal Government and its MSME-focused partners underscores a resolute commitment to fostering job creation, economic diversification, and sustainable growth. It represents a significant stride toward realizing these objectives while equipping MSMEs with the tools they need to thrive in Nigeria’s dynamic economic landscape.
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