The Small and Medium Enterprises Development Agency, acting on behalf of the Federal Government, is presently gathering precise data pertaining to businesses that qualify to access the N200 billion relief fund set aside by the Tinubu-led administration for small and medium-sized enterprises.
The agency has emphasized its commitment to updating and refining the existing data to prevent redundancy and ensure that funds are distributed judiciously to deserving beneficiaries.
President Bola Tinubu had, during a nationwide address on July 31, made a commitment to fortify the manufacturing sector by providing loan facilities as a form of relief to alleviate the economic challenges resulting from the removal of fuel subsidies and the unification of exchange rates, particularly impacting small-scale businesses.
In his statement, the President declared, “To bolster the manufacturing sector, increase its capacity for growth, and generate well-paying jobs, we have allocated N75 billion between July 2023 and March 2024. We aim to support 75 promising enterprises to kickstart sustainable economic development, hasten structural transformation, and enhance productivity.”
However, despite the passage of three months since the directive, the government has yet to initiate the disbursement of funds.
Segun Ajayi-Kadir, the Director General of the Manufacturers Association of Nigeria, expressed concern about the apparent delay by the Federal government in extending the proposed N75 billion loan facilities to manufacturers, describing it as a matter of great concern.
In an exclusive interview with our correspondent, SMEDAN Director General, Fasanya Olawale, assured prospective beneficiaries that they would receive the loan facilities within the designated timeframe, underscoring the government’s goal of reaching every one of the 774 local governments across Nigeria.
