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FG to improve funding access for MSMEs in Nigeria ― Minister
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FG flags off N15bn Guaranteed Off-Take scheme, targets 50,000 MSMEs
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Nigeria, UAE bilateral trade pegs at $1 25bn in 2019 ― FG
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The Federal Government has reaffirmed that Micro, Small and Medium Enterprises (MSMEs) contributes nearly 50 per cent of Nigeria Gross Domestic Product (GDP) and 80 per cent of the country’s total employment.
Speaking virtually at the 7th EMPRETEC Global Summit with the theme “The Role of Entrepreneurship, MSME and EMPRETEC in post-COVID-19 Resurgence, the Federal Minister of State for Industry, Trade and Investment of Nigeria, Amb Mariam Katagum said the government had rolled out various interventions to reposition MSMEs for increased and sustained contribution to the national economy.
“As we are all aware, the MSME sector is the engine of growth of any economy, contributing to its development, job creation and export, amongst others.
It has become imperative to expand the scope and reach of the Survival Fund which is under the Economic Sustainability Plan (ESP), according to Vice President Yemi Osinbajo.
The vice president dropped the hint during a virtual meeting attended by Minister of State for Industry, Trade and Investment,
Amb Mariam Katagum who is the Chairperson of the Committee and Chairman of First Bank, Mrs Ibukun Awosika, the Committee s Vice Chairperson, among other members.
According to the vice president s office, the scheme has commenced disbursement to about 500,000 beneficiaries: the Payroll Support Scheme has paid close to 350,000 beneficiaries; almost 166,000 0f 300,000 artisans have benefitted from the Artisan and Transport Scheme; and the Corporate Affairs Commission is ramping up numbers to register 250,000 new businesses free of charge.