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approves 200 billion presidential palliatives for small businesses
By Joy Baba-Yesufu
Nigeria’s investment landscape is now witnessing a significant influx of foreign capital, aligning with the Renewed Hope agenda led by the commitment of President Bola Ahmed Tinubu, that have secured Investment commitments of over $30Billion, across multiple sectors of the economy in one year.
The minister of Industry Trade and Investment Dr Doris Uzoka-Anite stated this in Abuja on Tuesday during a press briefing as part of activities to mark one year in office of the current administration.
The minister further said her ministry is taking decisive and structured steps to attract capital investments which will transform our homegrown enterprises and industries into global players.
“We have concluded stakeholder engagements with our domestic private equity and asset management firms towards the launch of an Investment Mobilization” she added.
Dr Anite also said Mr. President has graciously approved a N200 Billion Naira (Two Hundred Billion Naira) Presidential Palliative Programme to support businesses by providing grants to nano businesses and loans to MSMEs and Manufacturers at single- digit interest rates.
According to him “Towards facilitation of this, the Ministry of Industry, Trade and Investment (FMITI) in partnership with the Bank of Industry (B.O.I.) has successfully commenced phased disbursement of the grants in line with the Palliative Programme.
“While there is an abundance of debt capital for MSMEs to access as loans, there is a paucity of equity capital which is the real investment capital that will unlock ideas into unicorns.
“ Globally MSME growth is witnessed in countries where private equity capital is readily accessible to businesses”.
Trade minister said His excellency Mr. President has laid the foundation to boost the growth of industries and we are building on this foundation to increase private equity capital formation hence the reason for initiating the Nigeria diaspora fund.
“ The Nigeria diaspora remit between $20-25B annually according to the world bank, but these remittances have not been channeled intentionally to private equity.”
Speaking on job creation, the minister explained that the Skill-UP Artisans program (SUPA) led by the Industrial Training Fund (ITF) has commenced training and development of industrial skills in partnership with Manufacturers Association of Nigeria(MAN) and international certifying organizations.
She noted that the program will not only equip Nigerians with Industrial skills, ensuring that there is available trained manpower to support our industrial resurgence drive, it will also empower artisans with both tech and non-tech skills training, licensing, access to essential toolkits, and promoting industry-standard excellence.
“ SUPA also addresses the skills deficiency among artisans and standardizes artisanal practice and ensures the availability of a skilled workforce for domestic industries, thereby reducing labour import dependency.
“Over a two – year period, the program aims to empower 10 million hard- working Nigerians, and reflects the government’s commitment to promoting economic development and improving citizens’ standard of living, and job creation”, she said.
