President Bola Tinubu has announced plans to introduce new working capital initiatives targeting about 250,000 micro, small and medium enterprises (MSMEs) over one year.
Tinubu disclosed this in a statement following a meeting with representatives of MSMEs from across the country, received on his behalf by Vice President Kashim Shettima.
The meeting was attended by the Minister of State for Industry and heads of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Nigerian Export-Import Bank (NEXIM), Nigerian Export Promotion Council (NEPC) and Industrial Training Fund (ITF).
According to the President, the proposed intervention will provide financial support for the monthly operations of participating businesses, helping entrepreneurs meet immediate needs and sustain their operations.
Tinubu recalled that his administration approved ₦200 billion in grants and financing support for small businesses and manufacturers in 2023.
He said the forthcoming initiatives were part of efforts to improve access to working capital, noting that entrepreneurs needed adequate funding to grow their businesses.
The President also said the Office of the Vice President, through the Special Adviser on Job Creation and MSMEs, was strengthening its engagement with business owners.
He stressed that quarterly meetings chaired by Shettima should provide entrepreneurs with a meaningful voice in government decisions and ensure that promises made to them were fulfilled.
Tinubu acknowledged the challenges facing small business owners in Nigeria, including raising capital, paying workers and purchasing equipment, saying the government had more work to do in addressing their concerns.
“We have more work to do, and I intend to see it done,” the President said.
For advertising, promotions, news coverage, birthday wishes and situation reports, contact us at nationalparrotnews@gmail.com .