Shettima: FG to Fastrack Access to Single-digit Loans for MSMEs

•Obaseki hails small business operators, pledges better policies, support to drive growth

Deji Elumoye in Abuja

The Vice President, Kashim Shettima, has announced the federal government’s plan to urgently ensure quick access to single-digit loans for small businesses in the country.

This, he said, was in recognition of the role of MSMEs in growing the nation’s economy,

Shettima, made the disclosure yesterday, in a message to mark the 2023 World MSME) Day.

The vice president in the message stated inter alia:

“On this World MSME Day, the government of President Tinubu recognises the vital role that MSMEs play in driving economic growth, creating jobs, and promoting innovation.

“We remain committed to providing support, fostering an enabling environment, and improving access to finance for MSMEs, especially in these unprecedented times.

“We urge all stakeholders to come together to champion the growth and success of MSMEs to achieve sustainable development for all, while we also recognise the plethora of issues that face MSMEs as a result of the subsidy removal, however the government is working urgently to ensure quick access to single digit loans for Nigerian small businesses within the shortest time possible.

“Please note that Mr. President is your partner and here to make life easier for your businesses. Happy MSMES Day.”

In a related development, Edo State Governor, Mr. Godwin Obaseki, has hailed the contributions of MSMEs in the socio-economic growth and development of the State, reassuring that his government would continue to sustain policies to support the growth and sustainability of businesses amid the current economic realities.

The governor said this in commemoration of the MSMEs Day.

He said, “Today, we acknowledge the role of MSMEs in the growth and development of our State. Micro, small and medium businesses are the backbone of our economy, driving innovation, creating employment opportunities, and fostering economic diversification.

“It is the relentless spirit and resilience of our entrepreneurs that have transformed ideas into thriving businesses, uplifting communities, and propelling our state toward economic progress and prosperity.

“This year’s celebration presents us with another opportunity to reflect on the challenges faced by our small business owners and entrepreneurs, and the unprecedented disruptions caused by the current economic realities. Despite the obstacles, they have displayed unwavering determination, resilience, and creativity in navigating through turbulent times.”

Obaseki further noted, “As a government, we understand that access to finance, infrastructure, technology, and market linkages are crucial for the growth of our MSMEs and are committed to supporting and empowering them, ensuring the implementation of policies and reforms to guarantee an enabling environment for small businesses to thrive.

“We have through the State’s skills development agency, Edojobs, provided training and business advisory services to equip entrepreneurs with the necessary skills and knowledge to succeed.

“We are providing the needed infrastructure including steady electricity and good roads to enhance the ease of doing business for MSMEs, connecting all our local government areas with internet connectivity to ensure that businesses tap into the opportunities of a 21-st century technology-driven economy and attracting local and foreign investments to bolster the MSME ecosystem through the Edo State Investment Promotion Office (ESIPO).”

Speaking on the theme of the celebration, Obaseki said, “This year’s theme highlights the crucial role played by women and youth entrepreneurs in our MSME sector and emphasises the importance of building resilient supply chains.

“We recognise the immense potential of our youths and tremendous potential of women entrepreneurs in driving economic growth, and will continue to support them to realise their fullest potential.”