The Federal Government has underscored the importance of supporting small businesses as a core part of President Bola Ahmed Tinubu’s economic reform agenda.
This statement was made by the Minister of Information and National Orientation, Mohammed Idris, on Tuesday during the Media Activation and Town Hall Meeting on the Federal Government Loan Scheme for Medium, Small, and Micro Enterprises and Manufacturing Enterprises in Abuja.
Idris highlighted the central role MSMEs play in Nigeria’s economy, noting that they collectively employ over 80 percent of the country’s workforce and contribute nearly half of the nation’s GDP.
“The goal is to diversify the Nigerian economy further, create jobs, promote value-addition, revitalize our communities, and boost exports, and foreign exchange inflows,” he explained.
He added that these support programs aim to “alleviate the pains and challenges being experienced on account of the bold economic reforms being implemented to put our country back on track of sustainable growth and prosperity.”
The Minister acknowledged that some of the administration’s economic reforms may have caused temporary difficulties, particularly for vulnerable populations.
He assured that the government is committed to easing these challenges by offering single-digit loan facilities and implementing tax reforms designed to reduce the tax burden on Nigerian businesses.
To ensure inclusivity, Idris noted that similar town hall meetings are being conducted across Nigeria’s six geopolitical zones, intending to gather feedback from MSMEs and encourage them to access the available support programs.
He emphasized the administration’s commitment to driving rapid economic growth by prioritizing hardworking entrepreneurs across the country.
Idris detailed the first phase of the government’s interventions, which included a 200 billion Naira initiative targeting Nano-businesses within the NMSMEs, of which 50 billion Naira was disbursed as one-off conditional grants. The second phase, he said, involves 75 billion Naira aimed at Micro, Small, and Medium businesses.
Under the Tinubu administration’s Social Intervention Programmes, applicants need only submit their applications to access support, without needing government connections.
“But as we have seen with many of the programs of the Tinubu administration, from the Students Loan Fund to the Consumer Credit initiative, the Presidential CNG initiative, and also the 50 billion Naira grant fund component of this presidential grant and loan scheme, you do not need connections to enjoy the renewed hope being delivered by President Bola Ahmed Tinubu,” Idris said.
He emphasized the administration’s commitment to fairness and transparency in the selection process for these loans, adding, “This is a government of equal and fair opportunities for everyone.”
Idris commended the Office of the Vice President and the Bank of Industry for spearheading this initiative and working towards its successful execution. He highlighted the importance of stakeholder engagement for effective program implementation and directed all public information agencies, especially the National Orientation Agency, to collaborate with the Office of the Vice President to raise nationwide awareness of the Federal Government’s intervention initiatives.
