The Buhari Media Organisation (BMO) has described the Buhari administration’s provision of approximately N785 billion to Micro, Small, and Medium Enterprises (MSMEs) in the country via the Bank of Industry (BoI) as a significant boost to various business concerns in Nigeria.
According to a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, these grants have been made available to approximately ten million businesses across the country in the last four years, between 2019 and 2022.
“This information was released by the Minister of Industry, Trade and Investment, Niyi Adebayo at the 14th Meeting of the National Council on Industry, Trade and Investment which was held in Bauchi recently.
“It is worthy of note that the policy of supporting the MSMEs by the President Muhammadu Buhari administration is already yielding the desired results as more people have been removed from poverty. Apart from the ten million beneficiaries, it is almost certain that for each one of them there are other dependents who directly or indirectly benefitted or are still benefitting.
“The policy has also boosted local manufacturing of goods thereby increasing Nigeria’s export potentials exponentially. There is no doubt that on account of the policy, millions of jobs have been created in the country as the funds have increased the manufacturing capacity of the benefitting entities”.
BMO said that the federal government had enunciated a deliberate policy of giving tax exemptions to small businesses with operating capital below N25 Million, “and this policy has enabled them to be competitive with their foreign counterparts, as they are not strangulated with high-interest rates of commercial banks.
“We also want to put it on record that before President Muhammadu Buhari assumed office, the Bank of Industry was focusing on only big corporations, but the deliberate policy to support the Micro, Small, and Medium Enterprises has made the bank to extend its services and support to small businesses, and the positive impacts are manifesting today,” group added.