The Nigerian government has announced the allocation of a N75 billion fund to provide support for 100,000 start-ups and Micro Small and Medium Enterprises (MSMEs) at a single digital interest rate, with repayments spread over 36 months.
The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, made this announcement during the opening ceremony of the 18th Abuja International Trade Fair, which was organized by the Abuja Chamber of Commerce and Industry in Nigeria’s capital city.
The minister, represented by Mr. Irimiya Kaura, the Ministry’s Director of Commodities and Export, stated that the N75 billion fund has been earmarked to strengthen the manufacturing sector and address the current economic challenges.
“We also plan to provide small grants to micro businesses in each of the 774 local governments in the country,” she added.
As a government, we are committed to organizing and formalizing the SME market. We are ready to invest in SMEs, and our investment will be strategic, targeted, and substantial”, Dr Uzoka-Anite emphasized.
Mr Al-Mujtaba Abubakar, the President of the Abuja Chamber of Commerce and Industry, highlighted that the theme of the trade fair, “Sustainable Financing and Taxation as Drivers for the New Economy,” aims to showcase innovative products and solutions in various sectors such as fintech, tax collection, payment systems, e-health, food processing, and environmental safety.
“The fair will provide a platform for businesses to engage with financial and tax institutions, and foster sustainable approaches to the African Continental Free Trade Area (AfCFTA),” Mr Abubakar explained.
Mr Dele Oye, the National President of the Nigeria Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), affirmed the chamber’s commitment to adding value to exported goods, rather than exporting raw materials.
“We also aim to train exporters to export goods as semi-processed goods, rather than in raw form,” he stated.
Mr Oye further encouraged both foreign and local investors to invest in Nigeria, emphasizing that it is the largest market in Africa.
“We have the largest market in Africa, the largest economy, and Nigeria accounts for approximately 70% of West Africa. If you are doing business in Africa and you are not in Nigeria, you have not truly started because we have a vast market and a population of talented youth and creative women”, he concluded.
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