Emmanuel OchayiPresident Bola Tinubu has revealed plans to provide N50 billion in conditional grants to one million nano businesses by March 2024 as a way of boosting Nigeria’s economy.
“MSMEs are the lifeblood of our economy,” affirmed President Tinubu in his address at the Lagos for the 2023 Lagos International Trade Fair. “It is our responsibility to provide them with the necessary support and resources they need to flourish and grow their businesses immensely and smoothly.”
Join our WhatsApp ChannelRepresented by Lucia Shittu, CEO of Tafawa Balewa Square (TBS) Lagos for the 2023 Lagos International Trade Fair, President Tinubu emphasized the crucial role of technology in propelling business growth in today’s interconnected world.
“Connectivity is key in forging ahead and making vital connections that help businesses thrive,” he highlighted. Detailing the initiative, Tinubu disclosed plans to infuse N125 billion into the sector.
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“Our target is to distribute N50,000 to 1,300 nano business owners in each of the 774 local governments, promoting financial inclusion by onboarding beneficiaries into the formal banking system,” he outlined.
Additionally, the plan includes funding 100,000 MSMEs and start-ups with amounts ranging between N500,000 to N1 million, at a nine per cent interest rate per annum with a repayment period of 36 months.
Dr. Michael Olawale-Cole, president of the Lagos Chamber of Commerce and Industry (LCCI) and fair organizer, addressed the fair’s theme, ‘Navigating economic challenges: forging a path to prosperity.’ He mentioned the hurdles faced by local manufacturers, including soaring inflation, unstable exchange rates, and overreliance on oil revenue, hindering their growth despite immense potential.
Tinubu’s initiative signifies a step towards empowering grassroots businesses and fostering economic resilience, reflecting a proactive approach to addressing the challenges faced by Nigerian entrepreneurs.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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