Micro, Small and Medium Enterprises (MSMEs) in Nigeria will be among beneficiaries of the Federal Government’s N200 billion intervention geared towards generating job opportunities and fostering economic growth. The manufacturing sector will also benefit from the support.
Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Nura Rimi, made the announcement during a capacity-building event for MSMEs in Lokoja, Kogi State.
The government also initiated the licensing of Business Development Service Providers (BDSPs) based on a new certification and accreditation framework to standardize the delivery of Business Development Services (BDS) across the country.
The workshop organised in Lokoja focused not only on capacity building but also provided a platform for networking, encouraging collaboration and idea-sharing among MSMEs.
This commitment to the MSME sector aligns with the Renewed Hope Agenda of President Bola Tinubu, recognizing the pivotal role of MSMEs in driving economic growth.
The Governor of Kogi State, represented by the Managing Director/Chief Executive Officer of Kogi Enterprises Development Agency (KEDA), expressed the state government’s commitment to implementing the training initiatives across the state, emphasizing the positive impact on SMEs and the overall economy.
The earmarked funds will be made accessible to small business owners through a single-digit interest loan, facilitating business expansion and wealth creation.
The Permanent Secretary highlighted previous government interventions in the MSME sector, such as the Anchor Borrowers Programme (ABP), Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), and the N10 billion National Enterprise Development (NEDEP) Fund.
These interventions are targeted to support MSME growth, fostering industrialization and economic advancement.
