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Government generates N9bn for MSMEs

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IMAGE: Minister of Trade and Investment Mr. Olusegun Aganga »



The Federal Government has generated a funding pool of N9bn for Micro, Small and Medium Enterprises across the country as part of the implementation of the National Enterprises Development Programme.

A statement by the Ministry of Industry, Trade and Investment on Sunday quoted the minister, Mr. Olusegun Aganga, as saying this during the inauguration of the NEDEP and the Bayelsa State Micro, Small and Medium Enterprises Council, in Yenagoa.

The Bayelsa State MSME Council comprises representatives from the Bayelsa State Government, Small and Medium Enterprises Development Agency of Nigeria, Central Bank of Nigeria, National Agency for Food and Drugs Administration and Control, the Nigerian Association of Small Scale Industrialists, Bank of Industry and Industrial Training Fund, among others.

Aganga said the MSME fund was made possible through the BOI’s counterpart funding programme with 17 state governments.

He also noted that the inauguration was part of the Federal Government’s efforts at repositioning and growing the MSME sector as a major driver of job creation and wealth generation.

He said, “We are here today in Bayelsa State to inaugurate the NEDEP and inaugurate the SME Council in the state because of my firm belief that the MSME sector is the bedrock of inclusive economic growth and given its strategic role as the driver of job creation and wealth generation.

“The sector currently represents 97 per cent of the enterprises in Nigeria and employs 32 million Nigerians, according to a recent survey conducted by the National Bureau of Statistics and SMEDAN.”

Aganga explained that the Federal Government, through the BOI, had developed a counterpart funding scheme and currently had a partnership with 17 states to address the problem of lack of access to finance for the development of the sector.

“This scheme has generated a funding pool of approximately N9bn for MSME development,” he added.

The minister stressed that the NEDEP was developed with the objective of addressing the major challenges militating against MSME growth and development across the country.

The Federal Government, he added, was partnering more state governments on additional jobs generation to reduce unemployment.

Aganga said, “The NEDEP is a new, strategic and revolutionary way of delivering enterprise development in Nigeria with the primary goal of revitalising our MSME sector and creating jobs in the country. It is spearheaded by the Ministry of Industry, Trade and Investment and is being implemented by the BOI, SMEDAN and the Industrial Training Fund, which are agencies under the supervision of the ministry.”

Article Credit: punch newspapper

Updated 5 Years ago

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