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1m businesses empowered from MSME Fund, says Buhari

Over 1.1 million businesses have been empowered through the Micro Small And Medium Enterprises (MSME) Survival Fund launched to support small organisations ravaged by the Covid-19 pandemic, says President Muhammadu Buhari.

He stated this during his address at the 27th Nigerian Economic Summit (NES27) organized by the Nigerian Economic Summit Group (NESG) in collaboration with the federal minister of Finance, Budget and National Planning with the theme – “Securing Our Future: The Fierce Urgency of Now”.

According to Buhari, “the Covid-19 has had far reaching implications on businesses and the socio- economic impact has been huge. The shock of the pandemic even came at a time that Nigeria is striving to be a digital economy.

“However, the federal government is responding to challenges and opportunities as the economic sustainability plan was introduced to tackle Covid-19, rescue businesses and sustain growth and investment in human and social capital.

“The results are beginning to show especially in the area of GDP growth which appreciated by 5.01, and inflation which has been on a downward trend.

“Also to support our MSMEs who are the highest contributors to GDP, 1.1 million establishments were supported through the MSMEs survival fund, and we are also providing support for exporters and labour intensive observations.

“The AFCFTA calls for action to position the economy and while at the same time protecting our key sectors of health and infrastructure in a sustainable manner.”

Buhari who was represented by the Vice, President, Prof Yemi Osinbajo said the summit serves as a commitment between public and private sector towards Nigeria’s economic growth for the past 27 years.

He said the outcome of the summits has contributed to economic policies and projects while providing an opportunity to preview the development of the economy and make frantic efforts for the future.

He said the theme for this year’s summit, “Securing our future: the fierce urgency of Now” is apt and geared towards achieving national objectives.

Also in her address, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, underscored the importance of the summit in harnessing critical and strategic partnerships towards economic recovery and resilience.

She said a globally competitive Nigeria at the forefront of advances in medium and high-tech manufacturing, characterized by increased product complexity and leveraging on our natural endowments, can only be achieved through synergy between the private and public sector.

She said security a formidable future will only be achieved by the dedication and hard work of all stakeholders, with leadership at the Federal, State and Local Government levels and in collaboration with the corporate sector.

Written by ExpressDay

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