FG Unveils Strategy To Formalise 1 Million Businesses With Exclusive Rates

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The Government has disclosed its plan to formalise 1 Million businesses nationwide, offering discounted rates to facilitate the process. Vice President Kashim Shettima shared this announcement during the launch of the Expanded National MSME Clinic in Makurdi, Benue State, signaling the initiation of a nationwide initiative to empower small and medium-sized enterprises.

In a statement released by Stanley Nkwocha, Senior Special Assistant to the Vice President, the MSME Clinic aims to empower micro, small, and medium enterprises (MSMEs) by eliminating obstacles and providing essential resources. Commencing in Benue, the initiative is set to extend its reach to Ebonyi, Ogun, Delta, Kaduna, Borno, Katsina States, and the Federal Capital Territory (FCT) in the first half of 2024, leading up to the National MSME Awards on June 27, 2024, in Abuja.

Addressing entrepreneurs in Makurdi, Vice President Shettima underscored the government’s dedication to fostering a thriving MSME ecosystem, recognisng their crucial role in job creation and economic development. He assured entrepreneurs of substantial financial support, emphasising the N75 Billion loan scheme from the Bank of Industry (BOI) and Access Bank’s discounted N50 Billion fund.

Commending the industrious spirit of Benue State, Shettima praised its commitment to agriculture, art, and commerce, characterising the MSME Clinic as a tribute to Benue’s unparalleled work ethic and entrepreneurial vigor.

To strengthen the state’s tailoring cluster, Shettima unveiled President Tinubu’s plan to establish a world-class fashion hub in Makurdi within 90 days. Governor Rev. Fr. Hyacinth Alia reiterated Benue State’s openness to business, showcasing its commitment to supporting and empowering MSMEs as pivotal drivers of economic growth.

The MSME Clinic Launch drew dignitaries, including the Deputy Governor of Benue State, Secretary to the Government of the Federation, Speaker of the Benue State House of Assembly, Chief Judge of Benue State, and heads of key agencies involved in the initiative. The event promises immediate access to working capital, formalisation assistance, and export guidance, with agencies like NAFDAC and SON facilitating product certification, while FIRS offers tax advisory services.

As a show of support, Vice President Shettima visited the Ichwa Internally Displaced Persons’ Camp in Makurdi, expressing President Tinubu’s unwavering commitment to the well-being of those displaced by conflict, and pledging continued humanitarian aid and efforts for safe resettlement.

 

 

 

 

 

 

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