By Daniel Edu
The federal government led by President Bola Tinubu has announced a strategic initiative aimed at creating 100,000 jobs for Nigerians by May 29, 2024. The plan is part of a broader effort to generate 384,000 jobs within four years, focusing on Micro, Small, and Medium Enterprises (MSMEs) and job creation.
Temitola Adekunle-Johnson, the Senior Special Assistant to the President on MSMEs and Job Creation, revealed this information during the inaugural Job Creation and MSME Quarterly Communications Forum, organized by the Job Creation & MSME Secretariat, Office of the Vice President.
Adekunle-Johnson highlighted the collaborative approach with the Federal Ministry of Labour and Employment in realizing these employment goals. Additionally, he emphasized a partnership with Access Bank to support the initiative by providing funding for MSMEs.
The Access Bank collaboration involves a commitment of N50 billion to support MSMEs, offering loans at a reduced interest rate of 15%, compared to the prevailing rates of 27 to 29%. The simplified collateral requirements aim to facilitate easier access to funds for MSMEs, particularly those seeking loans ranging from N1 million to N3 million.
The government’s commitment to creating an enabling environment for MSMEs aligns with President Tinubu’s Renewed Hope Agenda, seeking to boost economic opportunities and empower small businesses across the country.
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