The Nigerian government says it has earmarked a fund of 75 billion naira to support up to 100,000 start-ups and Micro Small and Medium Enterprises MSMEs at single digital interest rates repayable over 36 months.
The Nigerian Minister of Industry Trade and Investment, Dr Doris Uzoka-Anite said this during the opening ceremony of the 18th Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry in Abuja, Nigeria’s capital.
The minister who was represented by the Ministry’s Director Commodities and Export, Mr. Irimiya Kaura disclosed that the sum of 75 billion naira has also been earmarked in order to strengthen the manufacturing sector in response to the current economic challenges.
“We also intend to provide small grants to micro businesses in each to the 774 local governments of the federation,” she said.
“As a government we are working hard to organize the disorganized SME market, and enable greater organization and formalization, We are ready to invest in SMEs, our investment will be coordinated, targeted, and generous”.
The Presisent of the Abuja Chamber of Commerce and Industry, ACCI, Mr Al-Mujtaba Abubakar said the trade fair with the theme: “Sustainable Financing and Taxation as Drivers for the New Economy” will showcase innovative products and solutions in sectors such as fintech, tax collection, payment systems, e-health, food processing and environmental safety.
” The fair will provide a platform for businesses to engage with financial and tax institutions and foaster sustainable approaches the African Continental Free Trade Area, AfCFTA.” Mr Abubakar explained.
Also Speaking, the National President, Nigeria Association of Chambers of Commerce Industry Mines and Agriculture, NACCIMA, Mr Dele Oye revealed that the chamber is working hard to ensure that value is added to goods being exported out of the country as against the export of raw goods.
“We also want to train exporters also to be able to export goods as semi process goods, it shouldn’t go out in raw forms.” He stated.
He encouraged foreign and local investors to invest in Nigeria as it is the largest market in Africa.
“We are the largest markets in Africa, we are the largest economy and in fact, Nigeria is about 70% of West Africa, so if you are doing business in Africa and you are not in Nigeria you have also not started because we have the largest market and we have very talented youth and creative women.”