AGS NEWS – The Federal Government is exploring strategies to ensure prompt loan disbursement to Medium, Small, and Micro Enterprises (MSMEs) within a 14-day timeframe.

This initiative aims to alleviate the financial strain on businesses awaiting loan approvals, thereby reducing business closures.

Temitola Adekunle-Johnson, Senior Special Assistant to the President, revealed this during the Inaugural Job Creation and MSME Quarterly Communications Forum held in Abuja.

Adekunle-Johnson emphasized the government’s objective to establish single-digit interest rates for MSME loans, streamlining the funding process to support small enterprises effectively.

In collaboration with Access Bank, the government has earmarked N50 billion to facilitate skills acquisition for 5 million Nigerians under the ‘YouThrive’ initiative.

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AGS NEWS reports that this partnership seeks to empower MSMEs through capacity building, affordable finance access, and digital and technical skill training.

Chioma Ogwo, Head of Non-Financial Services at Access Bank, outlined the multifaceted support provided to small businesses, including affordable loans at 15% interest rates, grants for deserving SMEs, and business exchange programs for knowledge sharing.

Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), highlighted the impact of flooding on job losses in 2023 and the government’s efforts to mitigate such challenges.

He mentioned SMEDAN’s role in addressing production costs and facilitating affordable rent for MSMEs to enhance productivity.