Press Release
The Minister of Information and National Orientation, Mohammed Idris, has said that boosting small businesses is integral to the economic reform agenda of President Bola Ahmed Tinubu’s administration.
Idris stated this in Abuja on Tuesday at the Media Activation and Town Hall Meeting on the Federal Government Loan Scheme for Medium, Small and Micro Enterprises and Manufacturing Enterprises.
He said the government is targeting the MSMEs with its intervention programmes because they remain the engine of the Nigerian economy, collectively employ over 80 percent of the nation’s labour force, and contribute nearly half of the national GDP.
“The goal is to diversify the Nigerian economy further, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows. We are also keen to ensure that these targeted support programs go a long way towards alleviating the pains and challenges being experienced on account of the bold economic reforms being implemented to put our country back on track of sustainable growth and prosperity.
“We fully recognize that these reforms may have caused temporary hardships, especially for vulnerable populations, and we will do everything in our power to cushion the discomfort. These single-digit loan facilities will be complemented by the ongoing tax reforms designed to reduce the tax burden on Nigerian businesses,” he said.
The Minister stated that to ensure no part of the country is left behind, similar town hall meetings are being held simultaneously across the six geo-political zones of the country to gauge the sentiments of MSMEs as well as to mobilize them to take advantage of the interventions to further enhance their businesses.
Idris added that the Tinubu administration is committed to repositioning Nigeria for rapid economic growth and, in doing so, is prioritizing hardworking and energetic entrepreneurs across the country for its intervention schemes.
Idris said the first phase of the programmes was the 200 billion Naira Federal intervention, amounting to 50 billion Naira, which was disbursed as one-off conditional grants, targeted at the Nano-businesses segment of the NMSMEs.
He said the second phase of 75 billion Naira, is targeting the Micro, Small and Medium businesses.
The Minister stated that, under the Tinubu Social Intervention Programmes, applicants only need to submit their applications to access the interventions, without requiring connections or knowing someone in government.
“But as we have seen with many of the programs of the Tinubu administration, from the Students Loan Fund (NELFUND) to the Consumer Credit initiative, the Presidential CNG initiative, and also the 50 billion Naira grant fund component of this presidential grant and loan scheme, you do not need connections to enjoy the renewed hope being delivered by President Bola Ahmed Tinubu.
“This is a government of equal and fair opportunities for everyone, and I have no doubt that the selection process for these loans will be guided by the same principles of equity and transparency that the President is determined to entrench in governance in Nigeria,” he said.
The Minister, who remarked that robust stakeholder engagement is paramount for the successful implementation of government programmes and policies, commended the Office of the Vice President, and the Bank of Industry, for taking the lead on the laudable programme and for working hard to make it an enduring success.
He also directed all public information agencies, particularly the National Orientation Agency, to work closely with the Office of the Vice President to provide extensive public sensitization on the Federal Government’s intervention programmes nationwide.
Rabiu Ibrahim
Special Assistant (Media) to the Minister of Information and National Orientation.
October 4, 2024
