FG supports 280 export oriented businesses
Business Economy National

FG supports 280 export oriented businesses

The Federal Government has supported 280 export-oriented businesses with grants, resulting in the creation of 100,000 direct jobs.

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo said this while featuring on President Muhammadu Buhari’s administration scorecard programme series on Tuesday in Abuja.

The Federal Ministry of Information and Culture organised the programme.

Adebayo said the grant, provided through Export Expansion Facility Programme (EEFP), created additional 20,000 jobs for youths and women.

He said Government established EEFP, trade facilitation and improved export market access to enhance foreign trade and create more jobs.

According to him, this is achieved through programmes like export finance, infrastructure, capacity development and market access.

“The industry, trade and Investment sector is critical to growth and development of Nigeria’s economy, job creation and poverty reduction.

“As a ministry, we deliver on this mandate by creating an enabling environment for businesses to thrive.

“We also establish an industrial base, lubricating the wheels of commerce and instilling confidence in economic activities,” the minister said.

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He said the ministry created a strategic plan to diversify the Nigerian economy for growth, job creation and poverty reduction.

“The blueprint included industrialisation, Micro Small and Medium Enterprises (MSMEs) growth, investment acceleration and trade promotion.

“Others are process digitisation, anti-smuggling measures and a delivery framework.

Adebayo said the ministry inaugurated several initiatives aimed at fostering the growth of MSMEs.

According to him, these include measures to improve access to finance, market access and reduction of operational costs.

“From 2019 to July 2022, the Federal Government successfully disbursed approximately N785 billion through the Bank of Industry (BoI) to more than 10 million MSMEs.

“This was made possible as BoI expanded its capital base to $5 billion dollars with international partners such as AFREXIM and Credit Suisse and others,” he said.

Adebayo also said that the ministry revised the MSMEs policy to drive the growth and competitiveness of enterprises in the country.

“We successfully increased the nation’s capacity to fund tech-driven MSMEs by securing the $500 million Technology Fund through our collaboration with the African Development Bank (AfDB).”




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