FG to support MSMEs access credit at single digit

The Federal Ministry of Industry, Trade and Investment (FMITI) has pledged to support Micro, Small and Medium Enterprises (MSMEs) to access credit at a single digit rate.

The Minister of State for Industry, Trade and Investment, Mrs. Maryam Katagum, said this Friday when members of the Nigerian Association of Small and Medium Enterprises (NASME) visited her in Abuja.

According to her, there is a lot of commendation at the recent retreat Mr. President had with the ministers for the MSMEs.

“In his closing speech, Mr. President specifically said that every support will be given to ensure that MSMEs have access to credits. That is what we always preach and we will give every support to the MSMEs as the engine of economic growth to have access to credits at single digits,” she said.

The minister, who pointed out the critical role MSMEs play in growing the economy, said this role was further heightened during the Covid-19 lockdown.

“Even the woman selling groundnuts or akara couldn’t come out to practise her passion and everybody felt the effect of the lockdown. We have to appreciate President Muhammadu Buhari for interventions that were provided for MSMEs during the lockdown.

“Our proposal was very easily accepted and the sum of N75 billion was allocated and we made a lot of progress. Average Nigerians appreciated the efforts and we have seen them giving their testimonies and right now we are on the last track which is the guaranteed off-take scheme.”

She appealed to the association to identify innovative ways that the federal government “can assist MSMEs.”

Earlier, the president and chairman of the governing council of NASME, Dr. Abdulrashid Yerima, expressed the association’s commitment to deepen the relationship with the ministry.

“Our association serving in the board of revenant agencies under the ministry will help us to make informed inputs into the policies of the agencies that impact MSME growth and development in Nigeria. Also, support for capital development for our association is crucial for development of skills and manpower to upscale MSMEs, especially NASME,” he said.


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