Buhari secures 10 million MSMEs in subsidized loans – The Sun Nigeria
From Uche Usim, Abuja
The hope of strengthening micro, small and medium-sized enterprises (MSMEs) by ensuring that subsidized loans at single-digit interest rates are provided to at least 10 million of them under a program small-scale empowerment.
President Buhari also said that the federal government is keen to help MSMEs realize their full potential and has developed strategic policy interventions, enshrined laws and established institutions to create an enabling business environment for entrepreneurs and MSMEs.
He made the remarks during the opening ceremony of the 17th Abuja International Trade Fair.
Represented at the event by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, President Buhari said that to realize this plan, the Ministry of Trade and Investment has drawn up a program which improve access to credit for over 10 million MSMEs at single digit rates.
“Besides providing finance, this project will address key ecosystem issues such as the development of MSME clusters to reduce operating costs as well as capacity building initiatives,” the President said at the event. Abuja.
He revealed that the ministry has also started the process of adopting a centralized automated platform for registering trademarks, patents and designs. The overall goal is to fully digitize existing records and automate the registration process to enable innovation ownership and commercialization.
The federal government has also approved tax incentives for MSMEs, including exemption from corporate income tax and value added tax for companies with an annual turnover of less than $25 million. naira. The pioneer status incentive also grants tax exemptions to start-ups in several sectors.
The President urged focusing on how MSMEs can be energized as drivers of economic growth.
Furthermore, the Chairman of the Abuja Chamber of Commerce and Industry, Dr. Al Mujtaba Abubakar challenged small businesses to embrace technology to advance their business operations. He told them that digitalization offers a range of opportunities for SMEs to improve their performance, drive innovation, increase productivity and compete on a level playing field with large companies, reflecting: economies of scale; reduced operating and transaction costs; and reducing information asymmetries.
Abubakar said the 17th trade fair will also enhance trade and investment opportunities in the country, thereby providing a neutral and open atmosphere for blue-chip companies, business groups/associations and government.