N125bn SMEs Grant: Abuja Chamber of Commerce Laud President Tinubu

The Abuja Chamber of Commerce and Industry, ACCI, has lauded Nigeria’s President, Bola Ahmed Tinubu’s plan to strengthen Small and Medium-sized Enterprises (SMEs) with N125 billion grants.

The ACCI was reacting to the nationwide broadcast of the President on subsidy removal and its resultant effect on the Nigerian populace.

ACCI President, Dr Al-Mujtaba Abubakar called for the speedy implementation of palliatives and collaboration with the Corporate Affairs Commission for the effective implementation of the grants.

He stressed the need for government to speed up the implementation of various palliative packages to boost the economic activities of businesses as many have shut down, or on the verge of shutting down due to subsidy removal as they keep struggling to meet up obligations.

The ACCI President advised that all businesses in the country should be registered with the relevant chambers of commerce, as this will allow for effective and transparent distribution of loans and grants while strengthening the database of business activities across the nation.

“Subsidy in the conversion of fossil fuel tanks to CNG gas for vehicles should be hastened as it will further deepen the National Gas Expansion Programme implementation and push for the government to reduce carbon emissions,” he stated.

Dr Abukakar expressed confidence in the present administration to turn the tide of the economy from consumption to production through pro-business policies that will enhance the business community and attract foreign direct investment.

He further stated that ACCI will continue to speak on friendly policies that will benefit the business community in the ease of doing business.

Recall that President Tinubu who stated the release of the grant during a nationwide broadcast to address the effect of the removal of fuel subsidy on businesses and Nigerians, noted that out of the sum, the Federal Government will spend N50 billion on Conditional Grant to one million nano businesses between now and March 2024.