The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to expedite the implementation of the N125 billion grants aimed at supporting Small and Medium-sized Enterprises (SMEs) in Nigeria. The chamber emphasized that many businesses in this category are currently facing closure.
President Bola Tinubu had recently announced plans to provide grants for SMEs to mitigate the impact of the fuel subsidy removal on businesses. The package includes N50 billion allocated to conditional grants for one million nano businesses, as well as N75 billion for funding 100,000 MSMEs and start-ups.
ACCI’s President, Al-Mujtaba Abubakar, praised Tinubu’s empathy and commitment to economic improvement and urged the government to swiftly release the palliatives while collaborating with the Corporate Affairs Commission for effective implementation.
Opinion
The call by the Abuja Chamber of Commerce and Industry for prompt implementation of the N125 billion grants for SMEs is crucial in supporting businesses during these challenging times. The grants can provide much-needed financial assistance to struggling SMEs, helping them sustain their operations and retain jobs. Swift and effective execution of these measures will boost economic activities and foster resilience in the business sector. It is essential for the government to prioritize the release of the grants and collaborate with relevant agencies to ensure the funds reach the intended beneficiaries promptly.
The grants aim to alleviate the impact of the fuel subsidy removal on businesses and stimulate economic activities. Swift action is needed to provide timely financial assistance to SMEs facing challenges and ensure the effective distribution of the grants.