ADVERTISEMENT

1.2 million Businesses benefit from the $75bn MSME survival fund – FG

The federal government of Nigeria has disclosed that 1.2 million persons and businesses have so far shared from the $75 billion Micro, Small, and Medium Enterprise (MSME’s) survival fund.

1.2 million Businesses benefit from the $75bn MSME survival fund – FG

The Minister of State for Industry, Trade, and Investment, Mariam Katagum, disclosed this during the national conference on the non-oil export sector organized by the Nigerian Export Promotion Council (NEPC) in Abuja.

Mobilisation for disbursement of the fund began in September 2020. The aim was to help persons and businesses hit by the pandemic to recover and to help stabilise the economy.

The minister noted that the theme of the conference “optimising Nigeria’s non-oil sector” was timely as the nation needed ways to diversify its economy.

She said it is high time Nigeria looked away from oil as its major source of foreign exchange and started exploring other means to achieve a healthy, and stable economy.

ADVERTISEMENT

The minister said the country is working hard to boost the visibility of Nigerian-made goods by participating in several international fairs to aid the promotion and adoption of made in Nigeria goods.

She urged all stakeholders to develop a measurable policy framework to aid the growth of other sectors of the economy, such as agriculture.

Ezra Yakusak, the Executive Director and CEO of NEPC, said a number of reasons were responsible for the urgent need of the conference.

Some of these include the growth witnessed in the non-oil export sector, the need for the revision of the many regulatory bottle-necks facing the sector, and a drive to push the federal government’s economic diversification agenda.

He noted that statistics from the Pre-shipment Inspection Agencies (PIA) showed notable growth in export proceeds from 2017 – 2021, a rise from $1.2 billion to $3.4 billion. He called on all stakeholders to participate in the conference to address any regulatory bottlenecks that could hinder the growth of the non-oil export sector.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Global inflation may persist due to Gaza, Israel conflict, growth at 3.2%

Global inflation may persist due to Gaza, Israel conflict, growth at 3.2%

FG approves naira payment for crude oil purchase

FG approves naira payment for crude oil purchase

Fostering Collaboration: Medlab West Africa builds West African lab network

Fostering Collaboration: Medlab West Africa builds West African lab network

The itel A70: Redefining value in the smartphone market

The itel A70: Redefining value in the smartphone market

Union Bank to gift customers with ₦15m at Save & Win Palli Promo 3.0 Draw

Union Bank to gift customers with ₦15m at Save & Win Palli Promo 3.0 Draw

Bridging the Gap: Medic West Africa fosters connections, addresses challenges

Bridging the Gap: Medic West Africa fosters connections, addresses challenges

Again, naira gains 0.6% against dollar at official market

Again, naira gains 0.6% against dollar at official market

Unified Payments leads the way with talent development - welcomes first cohort into UP Academy

Unified Payments leads the way with talent development - welcomes first cohort into UP Academy

Nigeria's inflation climbs to 33.20% in March as food prices continues to soar

Nigeria's inflation climbs to 33.20% in March as food prices continues to soar

ADVERTISEMENT
ADVERTISEMENT