The sum of $20 Million funds has been approved by the Federal Government for young innovators and Small and Medium Enterprises (SMEs) in the technology sector. This was announced during a meeting presided over by the Vice President, Yemi Osinbajo at the Presidential Villa, Abuja.
The meeting was held for the purpose of reviewing the progress on President Muhammadu Buhari-led administration’s efforts to support Micro, Small and Medium Enterprises (MSMEs).
In the same vein, the Central Bank of Nigeria (CBN) has also disclosed its offering of N90 Billion soft loan facility for small scale agricultural enterprises. This was also one of the outcomes of the meeting, which was attended by all Federal Government agencies playing different roles in the MSMEs sector.
According to the statement issued by the spokesperson to the Vice President, Laolu Akande, the loans approved were part of the Federal Government’s efforts aimed at supporting MSMEs across the country which he assured that the support would continue.
Akande went on to disclose that the National MSMEs clinics, driven by the Vice President, have now reached 26 States, with more Clinics to come in the series.
Why this matters
The role of SMEs in enhancing economic growth and development has, over time, been widely acknowledged globally. Most entrepreneurs often complain of finance being the major challenge hampering the expansion of their output. This is why this approval and in turn disbursement of funds for SMEs by the Federal Government is important as it creates value and in turn enhances the gross domestic product.
As stated in the statement, the National Agency for Food and Drug Administration and Control (NAFDAC) is also in support of SMEs as it reiterated its unwavering assurance of being ready to register more Nigerians venturing into the food and drug businesses.