Monday, July 22, 2024

Abuja chamber of commerce lauds Tinubu’s N125 billion grants to SMEs

He added that it would further drive financial inclusion by onboarding beneficiaries into the formal banking system.

• August 3, 2023
President Bola Tinubu
President Bola Tinubu [Photo : official BAT]

The Abuja Chamber of Commerce and Industry (ACCI) has lauded President Bola Tinubu’s efforts to energise small and medium-sized enterprises (SMEs) with N125 billion grants.

A statement issued on Thursday in Abuja by the president of ACCI, Al-Mujtaba Abubakar, said that the president recognises the sector as the driver of economic growth.

Recall that Mr Tinubu had announced the release of the grant during his nationwide broadcast on Monday on the effects of the removal of fuel subsidy on businesses and Nigerians.

According to the president, out of the amount, the federal government will spend N50 billion on conditional grants to one million nano businesses between now and March 2024.

Mr Tinubu said the target of his administration was to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

He added that it would further drive financial inclusion by onboarding beneficiaries into the formal banking system.

“In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion.

“Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at nine per cent interest per annum and a repayment period of 36 months,” Mr Tinubu said.

Reacting to the broadcast, Mr Abubakar called for the speedy implementation of the palliatives and collaboration with the Corporate Affairs Commission (CAC) for the effective implementation of the grants.

While commending Mr Tinubu for his empathy and determination to turn around the economy, Mr Abubakar said that the speedy implementation would boost the economy and make businesses more competitive and productive.

The ACCI president advised that all businesses in the country should be registered with the chamber movement as this will allow for effective and transparent distribution of loans and grants while strengthening the database of business activities in Nigeria.

“Subsidy in the conversion of fossil fuel tanks to CNG gas for vehicles should be hastened as it will further deepen the National Gas Expansion Programme (NGEP) implementation and push for the government to reduce carbon emissions,’’ Mr Abubakar urged.

He expressed confidence in the present administration’s efforts to turn the tide of the economy from consumption to production through pro-business policies that would enhance the business community and attract foreign direct investments.

Mr Abukakar further said that ACCI would continue to speak on friendly policies that would benefit the business community in the ease of doing business.

(NAN)

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