FG earmarks N75 billion to support small businesses

 

The Federal Government has set aside a N75 billion intervention fund to support small businesses in response to the country’s current economic challenges, The Guardian reported.

The fund is expected to be disbursed, starting from March 2024 to strengthen the manufacturing sector. The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite made this known yesterday while declaring open this year’s Abuja International Trade Fair (AITF).

Uzoka-Anite was represented by the Director of Commodity and Export, Kaura Irimiya. The minister stated that the Federal Government would also provide small grants to micro businesses in each of the 774 local government areas in the country.

In his remark, the Minister of Federal Capital Territory (FCT), Nyesom Wike, expressed the administration’s readiness to collaborate with the private sector towards repositioning economic and business activities in the territory.

Wike, who was represented by the Mandate Secretary of Economic Planning, Chinedu Elechi, solicited the cooperation of the private sector, especially in taxation, to boost the FCT internally generated revenue (IGR).

“We in the FCT are calling on the private sector to come and invest in the territory to boost our IGR with the assurances that the administration is determined to put in place the necessary infrastructure to ease their costs.”

Speaking on the theme, ‘Sustainable Financing and Taxation’, Dr Al-Mujtaba Abubakar said AITF has served as a trusted global trade platform attracting over five hundred thousand consumers and providing an opportunity for business relationships.