Empowering SMEs: SMEDAN Progresses in Identifying Beneficiary Businesses for N200bn Palliative
NEWS DIGEST – The Federal Government through the Small and Medium Enterprises Development Agency says it is currently collating accurate data on businesses eligible to access the N200bn palliative earmarked by the Tinubu-led government for small and medium-scale businesses.
Efforts are underway to meticulously update existing data to eliminate duplications and ensure that the allocated funds are judiciously distributed to the rightful beneficiaries. The initiative aims to alleviate economic hardships faced by small-scale businesses due to the removal of fuel subsidy and exchange rate unification.
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President Bola Tinubu, during a nationwide broadcast on July 31, had pledged to bolster the manufacturing sector by providing loan facilities as a palliative measure. He emphasized a dedicated allocation of N75 billion from July 2023 to March 2024 to support 75 enterprises with high potential, aiming to kick-start sustainable economic growth, accelerate structural transformation, and enhance productivity.
However, despite the three months since the President’s directive, the disbursement of funds by the government has not yet commenced, prompting concerns, especially within the manufacturing sector. Segun Ajayi-Kadir, the Director General of the Manufacturers Association of Nigeria, expressed worry over the delay in extending the proposed N75 billion loan facilities to manufacturers.
In response to these concerns, SMEDAN’s Director General, Fasanya Olawale, provided assurance in an exclusive interview. He affirmed that prospective recipients would receive the promised loan facilities within the stipulated time frame. He further reiterated the government’s commitment to reaching every one of the 774 local governments across Nigeria with the initiative.
