Fed. Govt Rolls out Mouth Watery Incentives To Boost MSMEs ... Gifts 250k to C'River Entrepreneurs.
Hannah ARIKPO
The Federal Government has announced mouth watery incentives to boost Micro Small and Medium Enterprises, MSMEs as well as the disbursement of two hundred and fifty million naira (₦250k) unconditional grant to each outstanding business owner in Cross River state.
The Vice President, Kashim Shettima made the announcement during the official commissioning of the remodelled and digitalized state Library Complex which houses the federal government's state of the art information, Communication and Technology (ICT) Hub while launching the eighth Expanded National MSMEs in Calabar, the Cross River state capital.
Vice President Shettima who was speaking on behalf of President Bola Ahmed Tinubu highlighted the interventions under the present administration to include, a ₦75 billion MSME Intervention Fund managed by the Bank of Industry, (BOI) a ₦50 billion Presidential Conditional Grant Scheme to support one million nano businesses across Nigeria as well as another ₦75 billion Manufacturers Fund offering loans of up to ₦1 billion at nine percent interest.
According to him, at least one manufacturer in Cross River has already benefitted from the Manufacturers Fund, adding that beyond loans and grants, the administration is committed to building an environment where MSMEs grows explaining federal government's commitment to bring
support directly to the doorsteps of businesses nationwide.
" I want to remind you all of President Bola Tinubu’s pledge to support ventures that redefine the future of work, skills, and industries in Nigeria,
“The primary aim of initiating the MSME Clinics is to create a platform where entrepreneurs can interact with regulatory bodies like the CAC, NAFDAC, Bank of Industry, SMEDAN, and other critical agencies.
"Challenges are met with solutions, not promises deferred because excellence must be rewarded, I am pleased to announce, on the directive of President Tinubu, that each outstanding MSME exhibiting here today will receive an unconditional grant of ₦250,000, it is not a loan; but a gift to boost the financial base of your business” he emphasised.
Shettima further noted the important role the ICT Hub plays in shaping digital technology in today's world hence the commissioning of this hub."This is our eighth stop in the Expanded National MSME Clinics series, and like the others, it is an investment in tomorrow. Technology is no longer a luxury.”
Minister of Information Mohammed Idris lauded the federal government's support towards small businesses while commending Vice President, Shettima’s personal commitment to ensure the success of the MSME sector in the country..
Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, said the MSMEs clinic is a transformative strategy to provide a level playing ground for businesses to flourish in Nigeria through networking and interconnectivity.
Earlier in a goodwill message, the Project Manager of Bank of Industry Pius Neji, revealed that the federal government has made a lot of funds available for business owners to access adding that over two hundred and sixty thousand million naira has been disbursed to MSMEs in the state.
