FG backs small scale industries with $1bn loan
By Ogunsona Samuel
The Federal Government of Nigeria has raised the stake of small scale investors with a loan of 1b dollars.
The new initiative is in Conjunction with international partners. The FG hopes to support Micro, Small and Medium Scale Enterprises (MSMES) with $1bn syndicated term loan.
Adeniyi Adebayo, who is the Minister of Industry, Trade and Investment said the loan will boost fresh jobs and uplift millions from poverty.
The aide to the Minister, Mr Ifedayo Sayo on behalf of the Minister disclosed this during the Quantum Mechanics Limited MSME survival Fund Capacity Building Programme on Monday in Abuja.
Ifedayo said “I will like to reiterate that our ministry fully supports MSMEs, as demonstrated by our MSME Survival Fund Initiative, which was launched in the wake of the COVID-19 pandemic by the Federal Government as part of the Nigerian Economic Sustainability Plan,”
The minister said
the survival fund was estimated will save at least 1.3 million jobs across the country.
Adebayo said the National MSMEs Clinics also supported growth of small businesses through provision of infrastructure.
The Nigerian Export Promotion Council had launched the Export Expansion Facility under the NESP, to support the resilience of new and existing MSMEs in responding to the shocks of the COVID-19 pandemic.