Vice-President, Yemi Osinbajo on Thursday, July 16, 2020, said private schools, hotels, and road transport workers among others will benefit from the stimulus package the present regime has put in place for Micro Small and Medium Enterprises to cushion the effect of the COVID-19 pandemic.

According to a statement by his Senior Special Assistant on Media and Publicity, Laolu Akande, the Vice President spoke at the 2020 edition of the MSMEs Awards held yesterday.

He said the support scheme had been covered by the government’s Economic Sustainability Plan.

Osinbajo stated; “In addition, we have a N200bn fund which will be made available to MSMEs in the priority sectors such as healthcare, agro-processing, creative industries, local oil and gas, aviation etc.

“This will be granted through a scheme jointly run by the Bank of Industry and Nigerian Export-Import Bank, especially for export expansion.

“The CBN is also committed to creating a N100bn target credit facility for MSMEs. Already the recently signed Finance Act already made provision for graduated company income tax rates with zero rates for small companies and a rate reduction for medium-sized companies.”

The Vice President added that the Federal Government will continue to implement similar focused MSME interventions around the country.

“Kaduna state for example is working on a tomato paste production plant, Lagos is putting together a fashion hub, the FCT is equally set to launch a carpentry cluster while Anambra state is almost ready to commission its leather works cluster.

READ ALSO:

'I Won't Tolerate Disrespect To National Assembly' - President Buhari Warns Keyamo & Other Ministers

"All of these are scheduled for 2020.

“In 2021, Edo, Ekiti, Katsina, Ogun, Bauchi, and Enugu States would commission shared facilities that will bring MSMEs together by cluster and provide shared equipment and resources and business support hub."

He commended the participants at the awards for their ingenuity in starting up and sustaining their businesses, urging those who were not shortlisted not to relent in what they are doing.

He specially commended all those who have started businesses in Nigeria, no matter how small, describing them as champions.

"Every person who has taken it upon themselves to start a business in Nigeria no matter how small is a champion and we as a government owe it to you to create an enabling environment for you to thrive.

“This is President Muhammadu Buhari’s commitment to MSMEs in Nigeria, that we will continue to stand by you and to support you and to create opportunities for you to grow and prosper."

Adejoke Lasisi of Planet 3R Limited won the MSME of the Year Award while Kaduna State was awarded the Best MSME Clinic Support State. The winners got cash and car prizes.

The event was attended by several State Governors and their representatives, the FCT Minister Mallam Muhammed Bello, the Industry, Trade and Investment Minister of State Ambassador Mariam Katagum and various heads of MDAS and captains of industry.