Nigerian Government distributes N100 billion to facilitate MSMEs growth

Nigerian Government has announced that it has so far disbursed the sum of N100 billion to create jobs for youths and deal with the rising unemployment in Nigeria.

This was disclosed in a statement by the Minister of State for Labour and Employment, Mr Festus Keyamo, SAN, on Sunday in Abuja.

The Minister added that the disbursement of N100 billion was done through the Development Bank of Nigeria since 2017 to facilitate Small and Medium Enterprises (MSMEs) with the view to creating jobs for the country’s teeming unemployed.

Mr Keyamo, while speaking on the matter said, “You will all agree with me that unemployment is one of the remote causes of banditry, terrorism, corruption and other forms of criminality.

“Even though the Federal Government is working hard at check terrorism and all other forms of criminality and violent crimes, it is equally prosecuting the war against mass unemployment.

”I am proud that the National Directorate of Employment (NDE) whose board I am privileged to Chair and also directly supervise, is effectively leading that war against mass unemployment.

“Let me inform you all that the Federal Government has put all plans in place to ensure that businesses succeed in Nigeria. The present administration has launched a series of funding and capacity development initiatives designed to support Micro, Small and Medium Enterprises (MSMEs).

”Since 2017, the Development Bank of Nigeria has disbursed a total of N100 billion through the bank’s 27 participating financial Institutions (PFIs), thereby impacting more than 100,000 MSMEs,” he said.

He also added that 52 per cent of loans disbursed in 2019 and 2020 were to youths and women-owned businesses, citing that the NDE empowerment of women was designed to ensure that the beneficiaries and trainees acquire relevant and marketable skills that would galvanize them into starting their own businesses.

He stated that the FG’s goal is to provide them with quick income-generating opportunities because of their role in providing family support and sound social stability at the very foundation of society.

He added that the Women Employment Branch (WEB) of the Small Scale Enterprises Department of the NDE is responsible for driving initiatives aimed at providing ample opportunities for women with the entire framework of employment creation processes.

Recall that the Federal Government disclosed that Small and Medium Enterprises employed 59 million Nigerians and over 41 million businesses as of this year.

Ime N