The federal government says it has earmarked N200 billion to support Micro, Small, and Medium Enterprises (MSMEs) and the manufacturing sectors with the aim to generate job opportunities and foster economic growth.
Permanent Secretary, Ministry of Industry, Trade and Investment, Nura Rimi, disclosed this at a capacity-building event for MSMEs in Lokoja, Kogi State.
He said the allocated funds would be made accessible to small business owners through a single-digit interest loan, facilitating business expansion and wealth creation.
Rimi, said the intervention was in continuation of previous government interventions in the MSME sector, such as the Anchor Borrowers Programme (ABP), Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), and the N10 billion National Enterprise Development (NEDEP) Fund.
The interventions, he highlighted, are targeted at supporting MSME growth, fostering industrialisation and economic advancement.
Governor of the state, Yahaya Bello, who was represented by the managing director/chief executive officer, Kogi Enterprises Development Agency (KEDA), expressed the state government’s commitment to implementing the training initiatives across the state, as they would have positive impact on SMEs and the economy at large.
