- Says job creation and MSME development are crucial for sustainable economic growth
The federal government has announced plans to create at least 100,000 jobs by May 29, 2024.
Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Micro, Small, and Medium Enterprises (MSMEs) and Job Creation, shared this news on Thursday in Abuja, during the inaugural Job Creation and MSME Quarterly Communications Forum.
Adekunle-Johnson explained that the government, in partnership with the Federal Ministry of Labour and Employment, aims to focus on job creation.
The plan is to achieve 100,000 jobs by May 29 and a total of 384,000 jobs in the next four years.
He also highlighted a collaboration with Access Bank to support the initiative. Access Bank has committed N50 billion to help MSMEs by offering loans at a lower interest rate of 15%, compared to the prevailing 27-29% rates. Additionally, the bank is simplifying the loan process, making it easier for MSMEs to access funds ranging from N1 to N3 million.
He said, “Today’s programme is to announce our partnership with the Access Bank, how the bank is trying to support the government with regard to access to funding for MSMEs.
“Right now, the interest rate for loans is between 27 and 29 per cent, but the Access bank is giving us at the rate of 15 per cent.
“The bank is committing N50 billion to support MSMEs. They are even now saying that if you are an MSME and you want to collect N1 to N3 million, don’t worry; the collateral that they need is simplified to enable you to have access to the money.”
The Minister of Information and National Orientation, Mohammed Idris, emphasized the government’s commitment to creating a favorable environment for MSMEs.
He stated that job creation and MSME development are crucial for sustainable economic growth, aligning with President Bola Tinubu’s Renewed Hope Agenda. This agenda recognizes these elements as essential for the country’s progress.