Federal Government to Assist MSMEs with Single-Digit Loans

Vice President Kashim Shettima disclosed in a statement issued by the Director of Information, Office of the Vice President, Olusola Abiola, on Tuesday the Federal Government’s commitment to facilitating swift access to single-digit loans for Nigerian small businesses.

This is in commemoration of the 2023 World Micro, Small, and Medium Enterprises Day. The VP recognizes the crucial role of MSMEs in driving economic growth, job creation, and innovation.

Shettima emphasised the government’s dedication to providing support, creating an enabling environment, and improving financial access for MSMEs, particularly during these challenging times.

“While acknowledging the challenges faced by MSMEs due to subsidy removal, he assured stakeholders that the government is working diligently to ensure expedited access to single-digit loans for Nigerian small businesses.

We remain committed to providing support, fostering an enabling environment, and improving access to finance for MSMEs, especially in these unprecedented times.

“We urge all stakeholders to come together to champion the growth and success of MSMEs to achieve sustainable development for all, while we also recognise the plethora of issues that face MSMEs as a result of the subsidy removal, however, the government is working urgently to ensure quick access to single digit loans for Nigerian small businesses within the shortest time possible,” the statement read.

He further emphasised President Bola Tinubu’s administration’s partnership with MSMEs and commitment to facilitating their success.