Why FG Supports MSMEs With Intervention Schemes
Vice President Yemi Osinbajo, has said Micro, Small, Medium Enterprises (MSMEs), are the most important business component for economic growth and there should be supported for growth,
Osinbajo said this at the weekend while launching the MSME clinic in Minna, Niger.
“The MSME clinic is a response to the fact that we recognise that MSMEs are the most important business component of our economy.
“In any economy, what small businesses contribute is really the super structure of the economy. And that is why the President decided that we must have this clinic in every state of the Federation and so for the past two years we have been going round flagging MSME clinics state by state and one-stop shop”, he added.
He noted that having MSMEs clinic in each state had become necessary to facilitate the work of MSMEs, adding that most small businesses find it difficult to travel all the way to Abuja and Lagos just to get regulatory permission .
“That is why we think it is best to bring those authorities to them under the one-stop shop.
The Executive Director, Micro Enterprises in the Bank of Industry (BoI), Toyin Adeniji disclosed that the Bank has given out over N400 million in loans to SMEs across Nigeria.
She said that the Bank of Industry has recorded 7,500 beneficiaries for the market moni initiative unveiled by the administration.
Adeniji stated that SMEs across Nigeria need financial enablement to succeed, necessitating the ‘market moni’ initiative.
“The objective of the loans is to provide financial inclusion to make sure that every citizen is empowered. Access to finance is a major problem to all businesses at every level. Hence, it remains critical to the success of any business.
“The administration deemed it fit to make sure that everyone is able to access finance without any hassle.”
In his remarks, the State Governor, Abubakar Bello; said his administration had accessed over N2 billion from the CBN to assist MSMEs in the state.
Bello commended the Federal Government for setting up MSME programmes in the country. This is because MSME are known to create millions of jobs in the country.
Some of the beneficiaries at the MSME Clinic said the Market Moni’ have helped them in improving their businesses.
Abdul Mohammed, a brass maker in Bida, said he has benefited a lot from the Market Moni. Also, it provided him the avenue to improve on his business.
Deborah Jemimah, a head tie seller, said with Market Moni, she was able to employ five people. Even more, she was able to begin an online training programme which has boosted her income.
Source: The Guardian
For more about how FG supports MSMEs with intervention schemes, visit www.smefinance.org.*