By YANGE IKYAA
The Federal Government has disclosed its readiness to address the barriers affecting Micro Small and Medium Enterprises (MSMEs) in Nigeria.
The Vice President, Senator Kashim Shettima, disclosed this recently at the launch of the Expanded National MSME Clinics in Makurdi, Benue State, which marked the first stop of a planned nationwide journey to empower Small and Medium-sized businesses accros the country.
According to the Vice President, “we currently have in place a N75 billion single-digit loan from the Bank of Industry. Additionally, Access Bank has made N50 billion of their funds available to MSMEs at a discounted rate of 15%, which could be significantly increased based on loan performance.”
While the money from BOI and Access Bank amount to N125 billion, VP Shettima added that President Tinubu is committed to resolving the bottlenecks affecting the MSMEs space in Nigeria and will persist until these issues are resolved.
The Vice President commended Benue State for its industrious spirit and entrepreneurial drive, referring to it as a “beacon of inspiration” for the entire country. He emphasized that the Entrepreneurship clinics not only fulfill President Tinubu’s Renewed Hope Promise but also pay tribute to Benue’s unmatched work ethics and entrepreneurial spirit. The Vice President underscored that every business owner in Benue, whether in Makurdi, Otukpo, Gboko, or Katsina-Ala, is a priority.
Additionally, Senator Shettima revealed President Tinubu’s intention to establish a world-class fashion hub in Makurdi, dedicated to the state’s flourishing tailoring cluster. He stated that this initiative is set to become operational within 90 days.
In his goodwill message, the Honourable Minister of Water Resources and Sanitation emphasized the pivotal role of Entrepreneurship in a country’s development.
He lauded the Federal government and the residents of Benue State for their commendable efforts in sustaining Micro Small and Medium Enterprises (MSMEs) in the region, and emphasized the role of entrepreneurship in promoting job creation and revenue generation.
The Minister commended the President’s Agenda on food production and affirmed that the Ministry of Water Resources and Sanitation is committed to providing irrigation, dams and water supply facilities, aimed at boosting food production and facilitating job creation within the Renewed Hope Agenda of the present Administration.
Earlier in his address, the state Governor, Rev. Fr. Hyacinth Alia, declared that Benue State is open for business, just as he emphasized the state’s commitment to supporting and empowering Small and Medium-sized businesses (MSMEs) as a key driver of economic growth.
The Vice President also visited one of the IDP Camps in theState and donated grains and cash gifts. He gave an assurance that the present administration prioritizes security challenges in the country and reiterated that the Security situations across the Country are being addressed with utmost commitment.
The Vice President was accompanied on the visit by Some Members of the Federal Executive Council including the Honourable Minister of Water Resources and Sanitation and his counterpart at the Federal Ministry of Youth Development , Mrs Jemilla Bio Ibrahim, Senators, Heads of key Agencies, including the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Nigerian Export Promotion Council (NEPC), Bank of Agriculture (BOA), Bank of Industry (BOI), Nigerian Export-Import Bank (NEXIM), National Agency for Food and Drug Administration and Control (NAFDAC), Industrial Training Fund (ITF), Corporate Affairs Commission (CAC), Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), National Information Technology Development Agency (NITDA), Federal Inland Revenue Service (FIRS), and Standard Organisation of Nigeria (SON) among others.
