FG Plans N65bn Stimulus Package for MSMEs

By Adedapo Adesanya

The federal government has assured a coalition of private-sector operators of a stimulus package that would assist them as they face the long-term effect of the COVID-19 pandemic.

The Ministry of Industry, Trade and Investment, which has been charged with this task, noted that some of these interventions include a N50 billion survival funds for Micro Small and Medium Enterprises (MSMEs) and a N15 billion guaranteed uptake scheme to save 500,000 jobs, 40 per cent of which will be reserved for women-owned businesses.

The Minister of Industry, Trade, and Investment, Mr Adeniyi Adebayo, told the Organised Private Sector (OPSN) at a virtual meeting recently that government was ready to assist them because of the role they play in the economy.

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), which participated in the meeting, said in a statement that the Minister affirmed that the private sector has an important role to play in the effort to restart the economy.

According to the Director-General of NACCIMA, Mr Ayoola Olukanni, the Minister further assured the OPSN of the FG’s readiness to work closely with the private sector.

He said parties welcomed the implementation of projects and programmes under the Economy Sustainability Plan, which was recently approved by the National Executive Council (NEC), adding that it would be in close cooperation with members of the OPSN.

The statement revealed that other issues discussed at the meeting included maritime port reforms; appropriate gas pricing; special economic zones and industrial clusters, as well as stable and regular power supply.

“The meeting agreed on a quarterly consultative meeting of the OPSN with the minister as part of strategies to work closely with the private sector for the implementation of appropriate policies across all sectors of the economy to ensure desired impact,” he added.

Also speaking at the meeting, Mrs Saratu Iya Aliyu thanked the minister for the opportunity given to the private sector to present its positions and requests, called for closer ties between the sector and the Ministry, especially as the country struggles to save and reboot the economy.

She added that the present situation truly presents an opportunity to diversify the economy and make it more self-reliant, and steps should be taken towards that goal.

Others at the meeting were Mr Ahmed Mansur, the President of Nigeria Employers’ Consultative Association (NECA); Mr Taiwo Adeniyi, the President of Nigerian Association of Small and Medium Enterprises (NASME); Mr Orimadegun Agboade; President of the Nigerian Association of Small Scale Industrialists (NASSI) and other representatives.