FG disburses N785m to 10m MSMEs

“The Federal Government has successfully disbursed about N785 billion through the Bank of Industry to over ten million MSMEs from 2019 to July 2022. This was possible because BOI has further deepened its capital base to $5 billion with international partners like AFREXIM, and Credit Suisse, among others,” he said.

Adebayo claimed that by working with the African Development Bank to secure the $500 million Technology Fund, his ministry successfully increased the country’s capacity to finance tech-driven MSMEs. The ministry also revised the MSME Policy to promote the sector’s growth and competitiveness in the country.

In response to the COVID-19 Pandemic, the MSME Survival Fund Initiative was established as a component of the Nigerian Economic Sustainability Plan, protecting MSMEs from the shock of the pandemic. He recalled this, noting that as of July 2022, N67.5 billion had been distributed to over 1.2 million beneficiaries, protecting at-risk jobs and creating new ones.

He said, “One of the key strategies used in the implementation of our mandate is the Backward Integration Program aimed at the domestication of production of high-priority items. These items include Sugar, Cassava Starch, Oil Palm, Dairy, Cotton Textiles & Garments, and the Automobiles and I am glad to report that we have recorded progress in each of these commodities.

“I am glad to report that progress has been made in these programs; over $3 billion has been invested in 7 Sugar BIP projects and 8 independent projects. In the Automotive sector, over $1 billion of investment has been recorded and we are ready to proceed to the next phase for the Automotive Industry; the review of the NAIDP is almost complete as the Plan is going through the Validation Process.

“To further accelerate industrialisation, we are fast-tracking the establishment of Special Economic Zones across the country to increase the availability of infrastructure and provide fiscal incentives for value addition.”

The Minister acknowledged that despite the initiatives and accomplishments of his Ministry, which he claimed were too many to list, there was still more work to be done, especially considering the high unemployment rate in the nation, which disproportionately affects young people.

Bala Mohammed, the governor of Bauchi State, said in his speech that his administration had been developing and implementing policies to move the state’s economy in line with the goals of the country’s overall growth, adding, “I must thank Mr. President for allowing them to always participate.JAMB Result

“Bauchi State is a state of Buhari and Buhari is Bauchi State and that’s why even as a governor in the opposition I know the position of Mr President.”