{"id":139465,"date":"2022-01-25T07:50:36","date_gmt":"2022-01-25T06:50:36","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=139465"},"modified":"2022-01-25T08:18:39","modified_gmt":"2022-01-25T07:18:39","slug":"osinbajo-fg-has-disbursed-over-n150bn-to-msmes-in-the-last-five-years","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/01\/25\/osinbajo-fg-has-disbursed-over-n150bn-to-msmes-in-the-last-five-years\/","title":{"rendered":"Osinbajo: FG has disbursed over N150bn to MSMEs in the last five years"},"content":{"rendered":"<p>Nigeria&#8217;s vice-president, Yemi Osinbajo has disclosed that the federal government schemes designed for micro, small and medium enterprises (MSMEs) have deployed N150 billion and impacted over four million businesses in the past five years.<\/p>\n<p>This was made known by Osinbajo while <span data-preserver-spaces=\"true\">delivering his keynote address at the Bank of Industry (BOI) \u2018Aid for Productivity Report\u2019 launch.<\/span><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The launch chronicled the development, impact, and future of the growth platform schemes executed by BOI, which is used to drive multiple large-scale intervention programmes for MSMEs.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Osinbajo said the administration has also bolstered its support for the MSMEs sector, which accounts for close to 50% of Nigeria\u2019s GDP and 76% of the country\u2019s labour force.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the statement, Osinbajo attributed the platform\u2019s success to \u201cthe Nigerian can-do spirit and the entrepreneurial <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/21\/kano-teacher-who-kidnapped-killed-hanifa-wept-when-he-visited-her-parents-after-abduction-family-member\/\">DNA<\/a> we carry\u201d.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis is a shining case study of what President Muhammadu Buhari strongly believes: that Nigerians will solve Nigeria\u2019s problems,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis is an example of what we can achieve when we unleash the best of our people \u2013 especially our young \u2013 on the toughest of our challenges and give them the free-hand to deliver results.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis demographic was far too important to ignore. We had to start solving for them, especially having been left far behind historically.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhat might also not be obvious is the sheer scale of impact that has been achieved with these programmes, as over four million Micro, Small and Medium Enterprises have been direct beneficiaries of the over N150 billion deployed in the past five years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201c57% of these MSMEs are owned by Nigerians below 35 years of age, and close to 60% of the beneficiaries are women. What is even less glaring is that the team of Nigerian professionals behind this work is largely young, with an average age of 28 years old.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The vice-president also narrated his encounter with one of the Tradermoni <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/24\/fg-has-paid-n24bn-to-413630-beneficiaries-of-special-public-works-scheme-keyamo\/\">beneficiaries<\/a> when he visited Kaduna to launch the scheme in the state.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cJafar Abubakar, who trades in ginger and garlic, was one of 5,000 or so traders who had just received \u20a610,000 to advance his business in that market,\u201d Osinbajo said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhat struck me was what he said about how he was selected to get the credit.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cHe said I just applied. I didn\u2019t know anybody. They came here and captured my data last week, and I got the alert yesterday.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He added that Jafar then \u2018showed me the alert on his phone\u2019.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cStories like Jafar\u2019s have become all too familiar to me over these years,\u201d Osinbajo said.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is a consistent tune I hear as I engage thousands of beneficiaries of our intervention programmes.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis is perhaps for me one of the most satisfying things about the way our social intervention schemes are deployed. \u201cThat there is a platform that can process applications from potential beneficiaries, payout credits or other benefits, maintain auditable records seamlessly.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIt is those people and infrastructure that make this happen that we are celebrating today.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis is a journey that only began as an idea 6 years ago: that we can build systems that will serve everybody fairly and justly and bring credibility to government programmes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cOne of the biggest barriers we identified was the ability to reach people directly, capture and digitize their information (even if they are illiterate) and process a benefit to them directly in a way that is transparent to all. Our vision set out to solve this.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFor some programmes, the everyday Nigerians were young graduates who would benefit from a direct stipend and employment placement from the government.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFor others, it would be pupils for whom a reliable meal per day would make the difference between staying enrolled in school or skipping school to earn money for that meal.\u201d\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking further, Osinbajo commended the infrastructure and transparency behind the BOI Growth Platform schemes.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He also commended Olukayode Pitan, managing director of the BOI, Toyin Adeniji, executive director, and Uzoma Nwagba, the chief operating officer.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Adeniji and Nwagba are the co-authors of the \u201cAid for Productivity\u201d report, which was formally presented at the launch.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria&#8217;s vice-president, Yemi Osinbajo has disclosed that the federal government schemes designed for micro, small and medium enterprises (MSMEs) have deployed N150 billion and impacted over four million businesses in the past five years. This was made known by Osinbajo while delivering his keynote address at the Bank of Industry (BOI) \u2018Aid for Productivity Report\u2019 [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":3116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[28397,371,28398,805],"class_list":["post-139465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-bank-of-industry-boi","tag-fg","tag-tradermoni","tag-yemi-osinbajo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Osinbajo: FG has disbursed over N150bn to MSMEs in the last five years<\/title>\n<meta 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