By Fola James
The federal government has disbursed over N324 billion to develop small businesses in the country last year, says President Muhammadu Buhari.
He made this known while addressing Nigerians on the occasion to mark this year’s democracy Day celebration.
The president said the disbursement to MSMEs was target at reducing poverty in the country.
He said ” I have also recently approved the National Poverty Reduction with Growth Strategy Plan that augments existing plans to further reduce poverty in Nigeria.
” As at the end of 2020, the Development Bank of Nigeria had disbursed 324 billion Naira in loans to more than 136,000 MSMEs, through 40 participating Financial Institutions. I am to note that 57% of these beneficiaries are women while 27% are the youth.
” We are able to do all these and still accelerate our infrastructure development through sensible and transparent borrowing, improved capital inflow, improving and increasing revenue through capturing more tax bases and prudent management of investment proceeds in the Sovereign Wealth Fund.
He explained that his government has done much in the area of provision of infrastructure.
” Our infrastructure revolution continues with key projects attaining critical milestones under the Presidential Infrastructure Development Fund; The Second Niger Bridge, The Lagos- Ibadan Expressway and the Abuja-Kaduna-Zaria-Kano Expressway.
” I have also approved the establishment of Infraco Plc, a world-class infrastructure development vehicle wholly focused on Nigeria with a capital structure of N15 trillion.
“The rail system is not left out as the Itakpe-Warri standard gauge rail was completed and commissioned 33 years after construction began. The Lagos-Ibadan double track railway line which I have just commissioned has commenced operations.
The government focus on infrastructure is to achieve economic growth, the president said, noting that ” We are focused on ensuring that our infrastructure drive is key to economic growth and one that can be felt by every Nigerian. Building critical infrastructure in our ports is also opening up opportunities for the Nigerian economy.
Four major seaports are being built across the country, the president said, adding that this is being done to provide job opportunities for Nigerians.
” My approval for 4 new seaports using a Public-Private-Partnership approach is hinged on growing the Nigerian economy. These four sea ports; Lekki Deep Sea Port, Bonny Deep Sea Port, Ibom Deep Sea Port and Warri Deep Sea port will create massive job opportunities and foreign investment inflows.
“We have worked at deepening our Eastern ports leading to success like having three container ships berth at Calabar port, a first in 11 years. Similarly, on October 30 2019, an LPG tanker operated by NLNG berthed in Port Harcourt, the first time an LPG ship is berthing at any of the Eastern Ports,” Buhari said.
Discover more from The Source
Subscribe to get the latest posts sent to your email.
