Post by Trade Coach on Oct 26, 2021 21:42:55 GMT 1
The Federal Government Of Nigeria (FGN) Is Set To Support MSMEs Access Credit At Single Digit Rate
The Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs. Maryam Katagum has recently said that the Federal Government is ready to support the Micro, Small and Medium Enterprises (MSMEs) in the country to access credit at a single digit rate.
She disclosed this when the members of the Nigerian Association of Small and Medium Enterprises (NASME) visited her in her Abuja office.
According to her, there were lots of recommendations from the president to her ministry during the last retreat held for the ministers by the president.
She said “In his closing speech, Mr. President specifically said that every support will be given to ensure that MSMEs have access to credits.
“This is what we preach and we will give every support to the MSMEs as the engine of economic growth to have access to credits at single digits.” Katagum said.
The minister pointed out that the critical roles played by the MSMEs showed itself during the pandemic.
“Even the woman selling groundnuts or akara could not come out to practice her trade and everybody felt the effect of the lockdown.
“We have to appreciate President Muhammadu Buhari for interventions he had provided in the past for MSMEs during the lockdown.
“Anytime it was identified to put some mechanisms in place to stop the economy from going under, the ministry of trade and investment was always called upon to make submissions to see how to keep the economy going and ensure a free flow of goods and services across the country.
“Our proposal was very easily accepted and the sum of N75 billion was allocated and we made a lot progress.”
The minister appealed to the association to identify innovative ways that the Federal Government can assist the MSMEs.
She said “As partners your association should start thinking of new and innovative ways we can assist the MSMEs, not only on finance.”
Earlier, the President and Chairman governing council of NSME, Dr. Abdulrashid Yerima, expressed the Associations commitment to deepen the relationship with the ministry.
“Our association serving in the board of the relevant agencies under the ministry will help make inputs into the policies of the agencies that impact MSME growth and development in Nigeria.”
In the same vein, the former governor of Anambra State, Mr. Peter Obi, has challenged the Federal Government to give priority to education and also to invest in Micro Small and Medium Enterprises in the country.
He made the comment during a lecture; he noted that all sorts of criminality are now in Nigeria because of unemployed youths who have no hope of decent livelihoods.
He decried this situation where the current and incumbent governments failed to invest in education and MSMEs which has caused about 98 million Nigerians living in abject poverty.
He said “As at the year 2020, China, Nigeria, Bangladesh and some other countries were low in human development index(HDI), but these other countries have moved high or medium in the index but Nigeria still remains low because we have not invested in education.
“Indonesia with 150 million people has the highest number of Muslims in the world today and they are doing well.
“In 2018, their budget for education was $40 billion: our total budget for 200 million populations was about $2 billion. South Africa’s budget was $17.3 billion.
“Nigeria’ budget from 2009 to 2018 is $14.2 billion. So, our budget for 14 years on education is not up to South Africa’s one year budget.
“Nigeria has more people living under poverty than China and India combined. “ The country has no reason to be so low on growth index, but lack of proper investment in MSMEs has pulled the country back for many years.
We will get you notified immediately the country starts implementing the policies that allow MSMEs secure funds from the banking system on single digit rates.
The Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs. Maryam Katagum has recently said that the Federal Government is ready to support the Micro, Small and Medium Enterprises (MSMEs) in the country to access credit at a single digit rate.
She disclosed this when the members of the Nigerian Association of Small and Medium Enterprises (NASME) visited her in her Abuja office.
According to her, there were lots of recommendations from the president to her ministry during the last retreat held for the ministers by the president.
She said “In his closing speech, Mr. President specifically said that every support will be given to ensure that MSMEs have access to credits.
“This is what we preach and we will give every support to the MSMEs as the engine of economic growth to have access to credits at single digits.” Katagum said.
The minister pointed out that the critical roles played by the MSMEs showed itself during the pandemic.
“Even the woman selling groundnuts or akara could not come out to practice her trade and everybody felt the effect of the lockdown.
“We have to appreciate President Muhammadu Buhari for interventions he had provided in the past for MSMEs during the lockdown.
“Anytime it was identified to put some mechanisms in place to stop the economy from going under, the ministry of trade and investment was always called upon to make submissions to see how to keep the economy going and ensure a free flow of goods and services across the country.
“Our proposal was very easily accepted and the sum of N75 billion was allocated and we made a lot progress.”
The minister appealed to the association to identify innovative ways that the Federal Government can assist the MSMEs.
She said “As partners your association should start thinking of new and innovative ways we can assist the MSMEs, not only on finance.”
Earlier, the President and Chairman governing council of NSME, Dr. Abdulrashid Yerima, expressed the Associations commitment to deepen the relationship with the ministry.
“Our association serving in the board of the relevant agencies under the ministry will help make inputs into the policies of the agencies that impact MSME growth and development in Nigeria.”
In the same vein, the former governor of Anambra State, Mr. Peter Obi, has challenged the Federal Government to give priority to education and also to invest in Micro Small and Medium Enterprises in the country.
He made the comment during a lecture; he noted that all sorts of criminality are now in Nigeria because of unemployed youths who have no hope of decent livelihoods.
He decried this situation where the current and incumbent governments failed to invest in education and MSMEs which has caused about 98 million Nigerians living in abject poverty.
He said “As at the year 2020, China, Nigeria, Bangladesh and some other countries were low in human development index(HDI), but these other countries have moved high or medium in the index but Nigeria still remains low because we have not invested in education.
“Indonesia with 150 million people has the highest number of Muslims in the world today and they are doing well.
“In 2018, their budget for education was $40 billion: our total budget for 200 million populations was about $2 billion. South Africa’s budget was $17.3 billion.
“Nigeria’ budget from 2009 to 2018 is $14.2 billion. So, our budget for 14 years on education is not up to South Africa’s one year budget.
“Nigeria has more people living under poverty than China and India combined. “ The country has no reason to be so low on growth index, but lack of proper investment in MSMEs has pulled the country back for many years.
We will get you notified immediately the country starts implementing the policies that allow MSMEs secure funds from the banking system on single digit rates.
