Vice President Kashim Shettima officially commissioned the new headquarters of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Abuja on Wednesday. He used the occasion to reiterate the Buhari administration's commitment to job creation, capital accessibility, economic growth, and poverty eradication as key drivers of economic revitalization.
"This moment resonates deeply within our economic revitalization plan," declared Shettima. "His Excellency President Bola Tinubu's focus on job creation, capital accessibility, economic growth, and poverty eradication forms the very skeleton of our strategy to invigorate the economy."
The Vice President highlighted several concrete initiatives in support of small and medium-sized businesses (MSMEs), including a N75 billion loan scheme for Nigerian MSMEs at a 9% interest rate, to be launched in partnership with the Bank of Industry in January 2024. He also emphasized the administration's commitment to fostering a conducive and enabling business environment and cultivating an ecosystem where Nigerian businesses are recognized globally for their success.
Shettima commended the efforts of the Ministry of Industry, Trade and Investment and SMEDAN leadership in bringing the new headquarters project to fruition, calling it a "renewal of hope" for the MSME community. "This initiative highlights our sensitivity to the economic clock of the nation," he emphasized.
Earlier, Industry Minister Doris Anite commended the Vice President's unwavering support for MSMEs and described the new SMEDAN Complex as a tangible symbol of the government's commitment to the sector. SMEDAN Director General Charles Odii expressed gratitude for the Vice President's guidance and support, pledging the agency's continued collaboration with stakeholders to ensure sustained growth in the MSME sector.
This news signals a renewed focus on MSMEs from the Buhari administration, highlighting their crucial role in driving economic growth and creating jobs. With concrete initiatives like the N75 billion loan scheme and a commitment to improving the business environment, Nigerian MSMEs can look forward to increased support and opportunities in the coming year.
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