Although the GDP Q4 2020 showed the economy has slipped out of the recession, the unemployment rate shows the country is still in the woods.
CBN reopened the portal for MSMEs and households affected by COVID-19 to access up to N25 million.
NAFDAC has committed to engaging MSMEs to harness the potential of trade and investment for economic growth and sustainability.
FG released guidelines to access the N75 billion MSME Survival Fund.
Globally, MSMEs are considered the critical engines of economic growth.
Sanwo-Olu said that this seed capital will be domiciled in the Lagos State Employment Trust Fund.
The sub-sector is characterised by huge financing gap, which hinders the development of MSMEs.
In Nigeria, deposit money banks are required to keep 65% loan to deposit ratio.
An overwhelming 94.3% of businesses surveyed reported being negatively impacted by the COVID-19 pandemic
Lockdown around Kano, Lagos, Port Harcourt, and incidentally Kaduna and they constitute a significant part of the applicants that applied for the loans.