FG promises credit access to 10m MSMEs
The Federal Government says plans are underway to ensure credit access to 10 million Micro, Small and Medium Enterprises, MSMEs, at a single digit interest rate in 2021.
Minister of Industry, Trade and Investment, Adeniyi Adebayo, made this known on Thursday when he appeared before the House of Representatives Joint Committee on Commerce and Industry.
Adebayo, who disclosed that the credit access to MSMEs is part of the projects under the ministry's proposed 2021 budget, told the lawmakers that the ministry only received N2.9 billion out of the N7.3billion appropriated for capital projects in the 2020 budget.
The minister explained that this was far below what it got in the 2019 and 2018 fiscal years where the sum of N3.5 billion and N7.9billion were released to the ministry for the implementation of different capital projects.
He pleaded with the committee to approve the sum of N7.3 billion proposed for the 2021 budget saying the ministry has 83 capital initiatives made up of 56 ongoing and 27 new projects.
The capital budget, he told the committees would be directed at the industrial policy reform and enabling business environment; International Investment Engagement Initiatives; full activation of the private sector led six special economic zones, among others.
On revenue generation, Adebayo told the two committees that of the N1.6billion projected revenue for 2020, the ministry as at September generated N1.03 billion.