FG earmarks N75bn in loans to support SMEs

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Abuja, Sept. 28, 2023 -Doris Uzoka-Anite, the Minister of Industry Trade and Investment, on Thursday said the federal government had earmarked  N75 billion in loans to support 100,000 Micro, Small and Medium Enterprises (SMEs)

She said the loans would be given at single digit interest rates with repayment spread over 36 months.

The minister said this at the opening of the 18th Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry in Abuja.

She was represented by MrIrimiya Kaura, the Director Commodities and Export in the ministry.

The minister said the loans were to strengthen the manufacturing sector in response to the in the current economic challenges.

“We also intend to provide small grants to micro businesses in each to the 774 local governments of the federation.

“As a government we are working hard to organize the disorganized SME market, and enable greater organization and formalization. We are ready to invest in SMEs, our investment will be coordinated, targeted, and generous”.

Al-Mujtaba Abubakar, the President of the Abuja Chamber of Commerce and Industry, said the trade fair would showcase innovative products and solutions in 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 foaster sustainable approaches the African Continental Free Trade Area, AfCFTA.” 

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