FG job creation through MSMEs receives a boost with N50bn soft loan from Access Bank

The move by the Federal Government to create new 384,000 jobs in four years through the office of Job Creation and MSME has received a boost with the provision of #50bn soft loan by Access Bank for the purpose.

This initiative was unveiled at the public presentation of the partnership between the Federal Government and officials of the bank during the MSMEs Quarterly Communications forum held at the Stratton Hotels, Asokoro, Abuja.

Chioma Ogwo who represented the bank at the event reiterated their commitments and passion towards empowering Nigerians especially the unemployed for them to become self reliant.

She said that the bank was delighted with the decision of the federal government to consider it for such unique opportunity to contribute her quota to nation building.

While speaking at the event, the Senior Special Assistant to the Presidenr on Job Creation and MSMEs, Tola Johnson described the funding by Access Bank as a catalyst that will help drive the MSMEs for socio-economic development of the country.

He explained that the goal of the federal government through the collaboration in creating additional 384,000 jobs in four years has become a reality.

According to him, the federal government under President Bola Tinubu will showcase the new 100,000 jobs created through the partnership before May 29th when the administration marks a year in office.

The Presidential aide said that those in the MSME sector stands to benefit up to #3m from the loan with simplified Collateral at 15% rate against 27 to 29% obtainable in the banks.

The SSA Job Creation assured that this year’s National MSME Award which is the sixth edition is planned to reward successful small business owners with mouthwatering prices.

In a message to the event, the Minister of State for Labour and Employment, Nkiruka Onyejeocha said they remain commmitted to formulation and implementation of relevant policies and measures to ensure friendly environment for job creation in the country.

Represented by Fatima Alasah, the Minister disclosed that the Ministry is also involved in skill development and certification for Nigerian youths and Job sekers.

The Minister said that they have carried out programmes including The Get Ahead Gender Entrepreneurship programme, Start and Improve your Business, Employability and CV clinic towards enabling the job seekers realise their dreams in the country.

According to her, such job centres are now in 26 states of the federation adding that one of their Clinics serves as a platform to assist young school leavers put together their CVs.

On his part, the Director General of Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Charles Odii said they are working on alternative sources of power through renewable energy and solar power as support to small scale businesses.

He also said the country is yet to fully recover from the damage caused by flooding in Kogi, Benue, Rivers and Kaduna states to small businesses.

According to him, over 3 million small businesses were affected adding they have set up climate change committee to raise alarm during disaster in order to mitigate the problems.

He noted that the SMEDAN Complex in Idu had helped in reducing cost of investing in logistics and machines by small businesses for ease of doing business in the country.

The SMEDAN DG commended the Vice President, Senator Kashim Shettima for inaugurating the National Council on Small Businesses aimed at reducing challenges confronting small businesses while expressing optimism that the issue of multiple taxation hindering the growth of business will be laid to rest.

For the representative of the Corporate Affairs Commission, Mohammed Habib said the body has been a productive partner with the office of job creation and MSMEs.

He said that CAC participated in all the past MSMEs Clinics to provide solution to the issues faced with small businesses at inception in the country .

The CAC representative recalled that the body as part of her contribution to the economic growth of the country registered 250 MSMEs for free during
Post Covid 19 era.