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Vice President says business support services, MSMEs must be sustained

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The Vice-President, Prof.Yemi Osibanjo, has called for the sustenance of the Business Support Services and financing of 15,000 Micro, Small and Medium Enterprises (MSMEs) in the Federal Capital Territory (FCT).

The News Agency of Nigeria (NAN) reports that the Abuja Enterprises Agency (AEA) manages the MSMEs in the territory.

The Vice President Prof. Yemi Osibanjo, stated during the inauguration of the FCT MSME ”One Stop Shop’ in Abuja on Thursday through the Minister of State, Industry, Trade and Investment, Hajiya Aisha Abubakar. He said that the FCT MSME ”One Stop Shop’ was in line with governments agenda aimed at boosting the business sector, adding that the intervention had created 12,517 jobs from 2015 to date.

The Vice President said that the initiative was also designed to further facilitate synergy between the MSMEs and Business Support and Regulatory bodies and eliminate bureaucratic bottlenecks faced by the MSMEs in the country.

The Managing Director of AEA, Mr Muhammad Arabi, said over 8,500 businesses were being sensitised on regulatory issues, government support programs and projects.

He said that MSMEs had been afforded the opportunity to directly interact with Business Regulatory and support institutions.

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He said that the agency was committed to delivering the ease of doing business, initiative development by the administration which gave special attention to MSMEs Sub-Sector.

The Executive Director, Bank of Industry (BoI), Toyin Adeniyi, said that the bank was partnering with the Federal Government to empower more than two million petty traders across the country in the first batch; she said that the project, wholly driven by the government, would be expected to give N10, 000 grants each to the traders to boost their businesses.

The Executive Director said that the bank was targeting at least 39,000 beneficiaries, from every state to benefit from these grants.

According to her, the bank hopes to increase the amount to N15, 000. Note the project is a Federal government project, “We are only here to supervise, after this phase, we will go ahead to ask beneficiaries to open account with the banks before we start further disbursement”.

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