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COVID-19 FG Disburses N12.4 Billion to 978 MSMEs


COVID-19 FG Disburses N12.4 Billion to 978 MSMEs

The Federal Government said, it has disbursed over N12.4 billion to owners of 978 Micro, Small, and Medium Enterprises (MSMEs), through the Bank of Industry in other to cushion the effect of COVID-19 pandemic.

Minister of Industry, Trade and Investment, Adeniyi Adebayo, disclosed this at the opening ceremony of the 12th National Council on Industry, Trade and Investment on Tuesday , in Abuja.

“Nigeria was totally shut down as a matter of urgent national policy to curtail the spread of the disease, resulting in the collapse of socio-economic activities.

“In spite of these global challenges, governments at all levels, made concerted efforts to ensure that the effect of the pandemic was mitigated through the implementation and ready for commissioning; and the disbursement of more than N12.4bn to 978 to MSMEs across the sectors by the Bank of Industry.

“Government, through the Bank of Industry, is also implementing the Youth Entrepreneurship Support (YES) Program me, designed to address the challenges of youth unemployment in Nigeria,” he said.

Adebayo stated that government would secure “the $500 million African Development Bank (AFDB) funds for technology innovation; ensure credit for access to 10 million MSMEs at single digit rate; automate and digitalize trade certification processes, the issuance of licenses and permits, to save time, increase efficiency and reduce cost of doing business;
“Review the Presidential Enabling Business Environment Council (PEBEC) mandate; conclude and implement outstanding industrial and trade guidelines on Cotton, Textile and Garment (CTG), cassava and dairy; enforce the enactment of the Company Allied Matters (CAM) BIll which has been done, and other pending legislative and regulatory reforms.”

Meanwhile, the Director General of Industrial Training Fund (ITF), Joseph Ari, announced that the firm has produced a made-in-Nigeria telephone, which would be commercialized soon.

Daily Sun

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