”As a nation, it is so shameful that we are still generating 4.5GW of electricity.
We must increase our oil production to two (2) million barrels per day within the next few months and we are determined to remove all entry barriers to investments in the energy sector while enhancing competitiveness,.
Some of the interventions to improve access to finance for the housing sector, MSMEs, and the manufacturing sector are:
1 Youth-owned enterprises: Support for new and existing youth-owned enterprises across all 36 states of the Federation, creating 7,400 MSMEs within the next 6-12 months;
2 MSME support: A six hundred and fifty billion naira (N650 billion) facility will provide lower-cost short-term facilities to youth-owned businesses, manufacturers and MSMEs across various industries; food processing, pharmaceutical, agriculture, and wholesale and retail trade. This financing will be based on their current and future receivables, company rating, and market demand for products;
3;A Manufacturing Stabilization Fund will rejuvenate up to two hundred and fifty companies and deliver lower cost (9.0%-11.0%) long-term facilities to large, medium-scale, and light manufacturers that produce finished goods for domestic and export markets;
4 Sub-national Matching Fund: A Grow Nigeria Development Fund consisting of a single-digit interest rate loan portfolio with the Bank of Industry and a matching fund agreement with sub-national governments to grow MSMEs;
5 Expanding the Bank of Industry’s Rural Development Programme: A fund to support rural economies in developing 300 new MSMEs for each state, including the Federal Capital Territory (Abuja), resulting in 11,100 new rural-based MSMEs across the Federation;
6 Mortgage Finance Acceleration Facility: A facility that delivers affordable housing for all segments impacted by the cost-of-living challenge. This will support the construction of an additional 25,000 housing units.
These fiscal measures will improve access to finance for MSMEs and, in the process, create 4.7 million direct and indirect jobs over a six to 12-month period.”
PRESIDENT BOLA AHMED TINUBU
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