In a recent announcement in Abuja, the Nigerian government disclosed its intention to create over 100,000 verified job opportunities by May 29. Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Micro, Small and Medium Enterprises (MSMEs) and Job Creation, revealed the plan at the Inaugural Job Creation and MSME Quarterly Communications Forum. The event was organized by the Job Creation & MSME Secretariat, Office of the Vice President.
Adekunle-Johnson emphasized that the government, in collaboration with the Federal Ministry of Labour and Employment, is targeting the creation of 384,000 jobs within a span of four years.
The initiative will be executed through a partnership between the Federal Government and Access Bank. Adekunle-Johnson highlighted the bank’s commitment of N50 billion to support MSMEs and its effort to provide loans to MSMEs at a reduced interest rate of 15%, as opposed to the prevailing 27-29% rate. He also mentioned that Access Bank has simplified the collateral requirements, making it easier for MSMEs to access funds ranging from N1 to N3 million.
Mohammed Idris, the Minister of Information and National Orientation, reiterated the government’s dedication to creating a conducive environment for MSMEs. He stressed that the government’s focus on job creation and MSME development aligns with President Bola Tinubu’s Renewed Hope Agenda.
Recognizing MSMEs as pivotal to the economy, Idris stated that the government is committed to enhancing the ease of doing business, facilitating access to finance, providing essential infrastructure, fostering entrepreneurial skills, and ensuring market access. He also acknowledged the resilience of MSMEs in weathering challenges, including the impacts of the COVID-19 pandemic.
The government’s steadfast commitment to job creation and MSME support signals a potential positive impact on Nigeria’s economic landscape, fostering sustainable growth and opportunities despite prevailing challenges.
