The Federal Government said it would do everything possible to alleviate the discomfort Nigerians are experiencing. The Minister of Information and National Guidance, Mohammed Idris, stated this yesterday in Abuja during the media activation and town hall meeting on the federal government loan. scheme for medium-sized, small and micro-enterprises (SMEs) and manufacturing enterprises.

He said boosting small businesses is part and parcel of the economic reform agenda of the administration of President Bola Ahmed Tinubu, adding that the single digit loan facilities will be complemented by ongoing tax reforms aimed at reducing the tax burden on Nigerian businesses. Idris noted that government is targeting MSMEs through its intervention programs as they remain the engine of the Nigerian economy, collectively employing over 80% of the nation’s workforce and contributing almost half of the national Gross Domestic Product (GDP).

He said: “The aim is to diversify the Nigerian economy, create jobs, promote value addition, revitalize communities and boost exports and foreign exchange flows. We are also keen to ensure that these targeted support programs go a long way in alleviating the pains and challenges they face due to the bold economic reforms implemented to put the country back on the path of sustainable growth and prosperity.”

The minister said that to ensure that no part of the country is left behind, similar town hall meetings are being held simultaneously in the six geo-political zones of the country to gauge the sentiments of SMEs and mobilize them to take advantage of interventions to further improve their businesses.

Idris added that the Tinubu-led administration would reposition Nigeria for rapid economic growth and in doing so would prioritize hardworking and energetic entrepreneurs across the country for its intervention schemes. He said the first phase of the programs was the government’s N200 billion intervention, of which N50 billion was disbursed as one-time conditional grants targeting the nano-business segment of SMEs, adding that the second N75 billion phase targets micro, small and medium enterprises.

However, the minister said all public information agencies, especially the National Guidance Agency (NOA), will work closely with the Office of the Vice President to provide extensive public awareness of the federal government’s intervention programs at the national level.

However, over 20,000 eligible small business owners in Ogun State have so far benefited from the Federal Government’s N50,000 Presidential Conditional Grant Scheme (PCGS) for Micro, Small and Medium Enterprises (IMMME) which started early of March. this year.

The State Manager of the scheme in the state, Michael Agidani, disclosed this at the town hall meeting and sensitization program on the SME loan scheme held yesterday in Abeokuta, the Ogun state capital.