FG Plans To Formalise 1m Businesses Across Nigeria At Discounted Rate

Kashim Shettima

Federal government of Nigeria has announced plans to formalise one million businesses across the nation at a discounted rate.

Gatekeepers News reports that Vice President Kashim Shettima announced this during the launch of the Expanded National MSME Clinic in Makurdi, Benue State, North Central Nigeria on Tuesday.

This was according to a statement by Spokesperson to the Vice President, Stanley Nkwocha.

The Vice President noted that the MSME Clinic aims to empower micro, small, and medium enterprises (MSMEs) by breaking down barriers and providing crucial resources.

The Vice President, while acknowledging the role of MSMEs in job creation and economic development, assured his audience of entrepreneurs and stakeholders that the federal government was committed to creating a thriving MSME ecosystem.

Shettima said, “We have everything to guide your ambition.”

The Vice President also disclosed that the N75 billion loan scheme from the Bank of Industry and Access Bank’s discounted N50 billion fund offer was already in place to support entrepreneurs.

Shettima said, “We currently have in place a N75 billion 9% single-digit loan from BOI. Additionally, Access Bank has made N50 billion of their fund available to MSMEs at a discounted rate of 15%, which could significantly increase based on loan performance. Mr. President is committed to resolving the bottlenecks affecting the MSME space in Nigeria and will persist until these issues are resolved.”

In addition to access to discounted loans, the MSME Clinic promises immediate access to working capital, formalization assistance through the CAC, and export guidance from NEPC.

Shettima further disclosed that the Federal Government will roll out other MSME Clinics in Ebonyi, Ogun, Delta, Kaduna, Borno, Katsina States and the Federal Capital Territory (FCT) in the first half of 2024.

Also, the Vice President disclosed that President Bola Tinubu will set up a world-class fashion hub in Makurdi, which is set to become operational within 90 days.