N125bn Grants to SMEs Will Drive Economy, Says ACCI President

James Emejo in Abuja

The President, Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar, has hailed President Bola Tinubu’s plan to energize Small and Medium-sized Enterprises (SMEs) with N125 billion grants recognising the sector as the driver of economic growth.

Tinubu had said the grant was meant to address the effects of the removal of fuel subsidy on businesses and Nigerians.

Out of the total amount, the federal government will spend N50 billion on Conditional Grants to one million nano businesses between now and March 2024.

He noted that many businesses have shut down activities and are on the verge of shutting down due to subsidy removal as they keep struggling to meet up obligations.

The ACCI President advised that all businesses in the country should be registered with the chamber movement as this will allow for effective and transparent distribution of loans and grants while also strengthening the database of business activities across the nation.

He said, “Subsidy in the conversion of fossil fuel tanks to CNG gas for vehicles should be hastened as it will further deepen the National Gas Expansion Programme (NGEP) implementation and push for the government to reduce carbon emissions.”

He expressed confidence in the present administration to turn the tide of the economy from consumption to production through pro-business policies that will enhance the business community and attract foreign direct investment.