President, Abuja Chamber of Commerce and Industry, Dr Al-Mujtaba Abubakar
By Anthony Maliki, Abuja
The Abuja Chamber of Commerce and Industry has lauded President Bola Tinubu’s plan to energize Small and Medium-sized Enterprises (SMEs) with N125 billion grants recognizing the sector as the driver of economic growth.
President Tinubu who stated the release of the grant during a nationwide broadcast early this week to address the effect of the removal of fuel subsidy on businesses and Nigerians stated that out of the sum, the Federal Government will spend N50 billion on Conditional Grant to one million nano businesses between now and March 2024.
He said the target of his administration is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country adding that this ultimately will further drive financial inclusion by onboarding beneficiaries into the formal banking system.
“In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at 9% interest per annum and a repayment period of 36 months.”
The President of ACCI, Dr Al-Mujtaba Abubakar stated this in a statement while reacting to the nationwide broadcast the President called for the speedy implementation of palliatives and collaboration with the Corporate Affairs Commission (CAC) for the effective implementation of the grants.
He commended President Tinubu for his empathy and his determination to turn around the economy that will make it competitive and productive.
Dr. Abubakar stressed the need for government to speed up the implementation of various palliative packages to boost the economic activities of the business as many businesses have shut down activities and many 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.
“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.
Dr Abukakar further stated that ACCI will continue to speak on friendly policies that will benefit the business community in the ease of doing business.
