From Obinna
Odogwu, Abakaliki
Vice-President Yemi Osinbajo, yesterday, said that the Federal Government’s economic policies on Micro, Small and Medium Enterprises (MSMEs) targeted at encouraging entrepreneurship and creating jobs were yielding the desired results.
He explained that thousands of jobs had been created while small-scale businesses had reasonably expanded through the soft loans granted to both intending business owners and existing ones by the President Muhammadu Buhari-led Federal Government.
Osinbajo stated this in Abakaliki, the Ebonyi State capital, during the flag off of the disbursement of Government Enterprise and Empowerment Programme (GEEP) loan to beneficiaries at the International Conference Centre, Abakaliki.
The Vice-President, who was represented by his Special Assistant on Micro, Small and Medium Enterprises (MSMEs), Mr Tola Johnson, said the Federal Government has realised the value which small businesses add to the economy and therefore made soft loans available for about one million persons to encourage them to grow and create jobs.
He, however, lamented that there were pockets of challenges hindering the expected success of MSMEs in the country hence, the creation of MSMEs Clinics.
“As a result of the MSME’s Clinics, we have seen and engaged over 362,000 MSMEs nationwide. These MSMEs come out to tell us what their problems are.
“Out of these 362,000 small businesses, 179,000 of them came with problems. We have not solved all the issues. We have solved the problems of 107,000 businesses. And you will agree with me that, that is a pass mark anywhere in the world,” he said.
Earlier in his speech, the Executive Director, Micro Enterprise Directorate in the Bank of Industry, Abuja, Mrs Toyin Adenyi, explained that the idea of GEEP was hatched because “over 80 per cent of micro enterprises cite lack of access to affordable credit as a major barrier to business growth.”
Adenyi, who was represented by the Regional Manager (South East), Bank of Industry, Mr Osah Obaro, explained that the GEEP intervention provides non-interest loans of up to N100,000 to qualified Nigerians in four target segments namely – markets, women and traders, artisans, youths and farmers.