Government Allocates N75 Billion For Small Business Support

A N75 billion intervention fund has been established up by the federal government to help small businesses in response to the nation’s present economic difficulties.

Government Allocates N75 Billion For Small Business Support

The fund is anticipated to be disbursed to support the industrial sector beginning in March 2024.

Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, announced this yesterday during the opening of the Abuja International Trade Fair (AITF).

Director of Commodity and Export Kaura Irimiya represented Uzoka-Anite. The minister said that minor subsidies will be given by the federal government to microbusinesses in each of the nation’s 774 local government districts.

Federal Capital Territory (FCT) Minister Nyesom Wike stated in his speech that the government is willing to work with the private sector to realign commercial and economic activity in the territory.

In order to increase the FCT’s internally generated income (IGR), Wike, who was represented by Chinedu Elechi, the Mandate Secretary of Economic Planning, urged the private sector’s assistance, particularly in the area of taxes.

“We in the FCT are calling on the private sector to come and invest in the territory to boost our IGR with the assurances that the administration is determined to put in place the necessary infrastructure to ease their costs.”

Speaking on the topic of “Sustainable Financing and Taxation,” Dr. Al-Mujtaba Abubakar stated that the AITF has functioned as a reliable worldwide trade platform, drawing in over 500,000 visitors and offering a chance to develop commercial partnerships.

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