The Small and Medium Enterprises Development Agency, on behalf of the Federal Government, is currently in the process of gathering accurate data on businesses that qualify to access the ₦200 billion palliative funds earmarked by the Tinubu-led government for small and medium-scale businesses.
The agency has taken significant steps to update existing data, ensuring there are no duplicate entries, and that the funds are allocated judiciously to deserving recipients.
President Bola Tinubu, in a nationwide address on July 31, pledged to bolster the manufacturing sector by providing loan facilities as a palliative measure to alleviate the economic challenges brought about by the removal of fuel subsidies and exchange rate unification for small-scale businesses.
President Tinubu stated, “To fortify the manufacturing sector, enhance its capacity for growth, and create high-quality employment opportunities, we have allocated ₦75 billion from July 2023 to March 2024. Our goal is to fund 75 promising enterprises to kick-start sustainable economic growth, expedite structural transformation, and enhance productivity.”
However, three months after the announcement, the government has yet to begin the distribution of these funds.
Segun Ajayi-Kadir, the Director General of the Manufacturers Association of Nigeria, expressed concerns in a recent interview regarding the apparent delay by the Federal government in extending the proposed ₦75 billion loan facilities to manufacturers.
In an exclusive interview with our correspondent, SMEDAN Director General, Fasanya Olawale, reassured prospective beneficiaries that they would receive the loan facilities within the specified timeframe. He emphasized that the government’s objective is to reach every one of the 774 local governments across Nigeria.
