Vice President Shettima Applauds Access Bank’s N30 Billion Discounted Loans to 700,000 MSMEs

• Vice President Shettima commends Access Bank for its N30 billion discounted loans initiative, supporting 700,000 MSMEs, aligning with administration goals
• The loan scheme emphasizes youth and women as target beneficiaries, showcasing commitment to empower MSMEs for economic growth

Vice President Kashim Shettima has lauded Access Bank for its initiative in offering N30 billion in discounted loans to support 700,000 micro, small, and medium enterprises (MSMEs). This move aligns with the agenda of the Tinubu administration, focusing on job creation and fostering the growth of the MSME sector.

The commendation came during a meeting with MSME stakeholders, including representatives from the public and private sectors, held at the Presidential Villa. Vice President Shettima highlighted the significance of the Access Bank loan scheme in supporting the administration’s goals.

He stated, “Every challenge, every problem is pregnant with opportunities for value addition and repositioning of the society. I just met with the management of Access Bank, and we had extensive discussions. They have offered to provide a N30 billion support to MSMEs, focusing mostly on the youth and women as target beneficiaries. They are going to give these loans at a 15 percent interest rate.”

The announcement emphasizes the commitment of both the government and private institutions to empower MSMEs, particularly targeting the youth and women, fostering economic growth and sustainability.

Telcos blame taxation, duty for high smartphone prices

According to the ‘The Mobile Economy Sub-Saharan Africa (2023)’ report by GSMA, taxation and duty fees contribute significantly, ranging from 10 to 30 percent, to the overall cost of smartphones across African countries. This financial burden has notably impacted the affordability of devices for the majority of people within the region.

The report emphasizes that besides taxation, manufacturing costs also play a pivotal role in escalating device prices, particularly in Sub-Saharan Africa, hindering accessibility for a large part of the population.

GSMA underscores the persistent challenge faced by manufacturers in the region, striving to produce devices at affordable price points, especially in the 5G and 4G markets, where the high costs pose a significant barrier for many consumers in the region.

It said, “The challenge for manufacturers in Sub-Saharan Africa is to produce devices at a low enough price point to gain market share, particularly in the 5G and 4G markets, where devices remain prohibitively expensive for most regional consumers.