By Goodluck Ikiebe
In its avowed determination to drive economic growth and sustainable development, the Federal Government has reaffirmed its commitment to supporting Micro, Small, and Medium Enterprises (MSMEs) as well as manufacturing enterprises through the FGN Loan Scheme.
This initiative is part of the government’s broader strategy to integrate the informal sector into mainstream economic planning, accelerate economic growth, and reduce unemployment.
In a message to a Media Activation/Town Hall Meeting on the FGN Loan Scheme held in Lagos, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale
Edun, emphasized the importance of MSMEs as the backbone of the Nigerian economy.
Represented by the Ministry’s Director of Youth Enterprise With Innovation in Nigeria (You-WIN), Alhaji Ahmed Gazali, the Minister acknowledged the challenges faced by MSMEs, including limited access to capital, skill gaps, and power supply issues.
He said to address the challenges, the President Tinubu-led administration had provided several interventions which include
the Presidential Conditional Grant Scheme, designed to support MSMEs with affordable single-digit loans; MSME Intervention Program, aimed at providing financial support to MSMEs, Casual Jobs Scheme tailored to generate employment within 10 SME clusters in the informal sector of the economy as well as the
National Youth Unemployment Benefits Program, a comprehensive social welfare initiative designed to support the unemployed, underemployed, and those struggling with self-employment.
“We remain committed to supporting the progress of MSMEs in Nigeria and driving growth in the manufacturing sector. We believe that with the right support, MSMEs can thrive and contribute significantly to the country’s economic growth and development,” he said.
The Minister further highlighted government’s efforts to improve the ease of doing business in Nigeria, including the automation of the Import Duty Exemption Certificate (IDEC) process, harmonization of tax laws, and unification of exchange rate regimes.
“The FGN Loan Scheme is part of the Federal Government’s broader strategy to integrate the informal sector into mainstream economic planning, drive economic growth, and reduce unemployment”.
Economic observers say it is a testament to Federal Government commitment to empowering MSMEs and manufacturing enterprises, paving a brighter future for the nation’s economy.
