FG Disburses N100bn To MSMEs In 5 Years

By Fola James

The federal government has disbursed over N100 billion for the promotion of small and medium scale businesses in the country since President Muhammadu Buhari came to power, the Minister of state for Labour and Employment, Festus Keyamo has said.

The minister disclosed this in a statement, on Sunday, noting that the fund was disbursed through the Development Bank of Nigeria, DBN. The period of disbursement, Keyamo said is between 2017 and 2021, adding that the federal government is poised to eradicating unemployment caused by corruption and other social problems.

According to him, “even though the Federal Government is working hard at check terrorism and all other forms of criminality and violent crimes, it is equally prosecuting the war against mass unemployment.

“I am proud that the National Directorate of Employment (NDE), whose board I am privileged to chair and also directly supervise, is effectively leading that war against mass unemployment. Let me inform you all that the Federal Government has put all plans in place to ensure that businesses succeed in Nigeria.

He said the Buhari government have addressed many unemployment problems since it came to power in 2015, adding that efforts targeted at lifting women and youths from proverty.

Keyamo said, “the present administration has launched a series of funding and capacity development initiatives designed to support Micro, Small and Medium Enterprises (MSMEs).

“Since 2017, the Development Bank of Nigeria has disbursed a total of N100 billion through the bank’s 27 participating financial institutions (PFIs), thereby impacting more than 100,000 MSMEs. It is heartwarming to note that 52 percent of loans disbursed in 2019 and 2020 were to youths and women-owned businesses.

“Our goal is to provide them with quick income-generating opportunities because of their roles in providing family support and sound social stability at the very foundation of society,” he said. I am proud to inform you that the Women Employment Branch (WEB) of the Small Scale Enterprises Department of the NDE is responsible for driving initiatives aimed at providing ample opportunities for women with the entire framework of our employment creation processes.

“Our objective in empowering women is clear. We create employment for women to improve their socio-economic status, reduce poverty, create wealth and boost their leadership qualities, so that they can have a say in their immediate community in relevant decision-making processes,” the minister said.