FG To Support Local Manufacturers With N75 Billion

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FG To Support Local Manufacturers With N75 Billion

As part of efforts to tackle the present economic hardship being experienced by Nigerians, the federal government has set aside N75bn to support the manufacturing enterprises.

This was disclosed by the Minister of Labour and Employment, Barrister Nkeiruka Chidubem Onyejeocha on the occasion of NDE special day at the ongoing 45th Kaduna International Trade Fair on Saturday.

The minister represented by her Special Assistant, Administration, Barrister, Paul Abuluba affirmed that the administration of President Bola Ahmed Tinubu has embarked on urgent actions to reverse the poor trend of the economy.

“President is hinged on the commitment to explore the full potential of Nigerian economy by focusing on job creation, access to capital for macro, small and large businesses, the rule of law and the fight against hunger, poverty, and corruption.

The minister also noted; “The President is not unmindful of the hardships most Nigerians are enmeshed in, however, the difficult times are indeed temporary but the benefit will be permanent.

To this end, she said in recent times, the federal government had engagements with economic stakeholders especially manufacturers and entrepreneurs across Nigeria.

“We are very much aware of the problems and challenges that are uppermost in their minds: access to low-cost capital, multiple taxation, infrastructure issues, foreign exchange, export obstacles, among others.

“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, each and every one of the issues. The government’s focus on foreign exchange is to abolish unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all other elements required to attract substantial inflow into a properly run official market.

“The President has ordered the creation of a new single-digit interest-rate fund to provide N75 billion support manufacturing enterprises, among other targeted financial interventions.

“The Central Bank, now under new management, is back to prioritising its core mandates of inflation management and exchange rate stability.

“Our priority is to maximise opportunities in the homely grown businesses, projects, and operations as well as to create more jobs.

“As established by the Local Content Act, we have obligation to increase the quantum of composite value of our products and services nationwide to attract international patronage. What we produce and the services we render must command globally acceptable quality, environmental standards and health.

Earlier, the Director General, National Directorate of Employment (NDE), Abubakar Nuhu Fikpo said they have granted loans to thousands of youths nationwide in the last one year either to kick-start new businesses or to enhance the existing ones for growth and sustainability.

“Just recently in January this year, 700 of our beneficiaries who were trained under different agro value chain businesses were empowered to kick start new businesses.”

He said over the years, the NDE has remained committed to its mandate of job creation for the teeming unemployed Nigerians.

“We have deliberately designed and implemented jobs programmes and schemes that have keyed squarely into the micro-economic policies of the Federal Government under the leadership of President Bola Ahmed Tinubu, GOFR.

“We are also encouraging the young men and women who have benefitted from our numerous employment programmes and schemes to gain international exposure to survive the harsh business environment.

“Trade Fairs and other exhibitions remain major platforms upon which business owners gain exposure and unhindered access to the business world. NDE’s participation in trade fair of this magnitude is to provide opportunities for the beneficiaries of our various skills acquisition programmes to showcase the effort and commitment of the Federal Government through the NDE at self-employment creation,” he said.

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By Abia ThinkTank

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