MSMEs are critical to the achievement of our economic plan – Edun
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has highlighted the critical role of Micro, Small, and Medium Enterprises (MSMEs) in the realization of the economic plan of the President Bola Ahmed Tinubu led administration.
Describing MSMEs as the backbone of the Nigerian economy, Edun reiterated the commitment of the government to supporting MSMEs as well as manufacturing enterprises through the FGN Loan Scheme.
Speaking at the Media Activation/Townhall Meeting on the FGN Loan Scheme held in Lagos, the Minister represented by the Ministry’s Director of Youth Enterprise with Innovation in Nigeria (You-WIN), Alhaji Ahmed Gazali, the Minister acknowledged the challenges faced by MSMEs, including limited access to capital, skill gaps, and power supply issues.
He noted that the Federal government has taken steps to address these challenges enlightening the audience on the interventions provided by the government.
These, according to him, include the Presidential Conditional Grant Scheme, designed to support MSMEs with affordable single-digit loans; MSME Intervention Program, aimed at providing financial support to MSMEs, Casual Jobs Scheme tailored to generate employment within 10 SME clusters in the informal sector of the economy as well as the
National Youth Unemployment Benefits Program, a comprehensive social welfare initiative designed to support the unemployed, underemployed, and those struggling with self-employment.
We remain committed to supporting the progress of MSMEs in Nigeria and driving growth in the manufacturing sector. We believe that with the right support, MSMEs can thrive and contribute significantly to the country’s economic growth and development, he said
The Minister further highlighted the government’s efforts to improve the ease of doing business in Nigeria, including the automation of the Import Duty Exemption Certificate (IDEC) process, harmonization of tax laws, and unification of exchange rate regimes.
The FGN Loan Scheme is part of the Federal Government’s broader strategy to integrate the informal sector into mainstream economic planning, drive economic growth, and reduce unemployment.
