The Abuja Chamber of Commerce and Industry (ACCI) has commended President Bola Tinubu’s initiatives to empower Small and Medium-sized Enterprises (SMEs) by providing them with N125 billion in grants.
Dr. Al-Mujtaba Abubakar, the President of ACCI said in a statement that President Tinubu recognizes the SMEs as the driver of economic growth.
Recall that Tinubu had announced the release of the grant during his nationwide broadcast on Monday on the effects of the removal of fuel subsidy on businesses and Nigerians.
According to the president, out of the amount, the Federal Government will spend N50 billion on conditional grants to one million nano businesses between now and March 2024.
Reacting to the broadcast, ACCI President Dr. Al-Mujtaba Abubakar called for swift implementation of the palliatives and collaboration with the Corporate Affairs Commission (CAC) to ensure effective utilization of the grants.
He commended Tinubu for his empathy and determination to revitalize the economy, stressing that prompt implementation would boost economic growth, and increase the competitiveness, and productivity of businesses.
- “Subsidy in the conversion of fossil fuel tanks to CNG gas for vehicles should be hastened as it will further deepen the National Gas Expansion Programme (NGEP) implementation and push for the government to reduce carbon emissions,’’ Abubakar urged.
Abubakar also recommended that all businesses in the country should be registered with the chamber movement as this would facilitate transparent and efficient distribution of loans and grants while strengthening the database of business activities in Nigeria.
He further said that ACCI would continue to speak on friendly policies that would benefit the business community in the ease of doing business.
It will only benefit the economy if beneficiaries do not use it to settle outstanding debts. The assumption is even if it is applied for refinancing, then new lines of credit would be opened for business promoters
My fear is will it get to the right people or end up in politicians hands.