President Buhari has stated that the introduction of the Micro Small and Medium (MSMEs) Enterprises Survival Fund, launched to support businesses affected by the pandemic has seen 1.1 million businesses get funded by the Federal Government.

The President disclosed this at the 27th Nigerian Economic Summit (NES27) organized by the Nigerian Economic Summit Group (NESG) on Monday, in Abuja.

At the summit tagged, “Securing our future: The fierce urgency of now,” the President who was represented by Vice President Yemi Osinbajo, stated that COVID-19 has had far-reaching implications for businesses in Nigeria and the socio-economic impact has been huge.

What the President is saying

President Buhari stated that the Federal Government is responding to challenges and opportunities as the economic sustainability plan was introduced to tackle COVID-19, rescue businesses and sustain growth and investment in human and social capital.

”The results are beginning to show, especially in the area of GDP growth which appreciated and inflation, which has been on a downward trend.

Also, to support our MSMEs, which are the highest contributors to GDP, 1.1 million establishments were supported through the MSMEs’ survival fund, and we are also providing support for exporters and labour intensive endeavours.

The AfCFTA calls for action to position the economy and at the same time protect our key sectors of health and infrastructure, in a sustainable manner,” Buhari stated.

He also commended the summit, adding that it has served as a commitment between the public and private sectors to Nigeria’s economic growth for the past 27 years and contributed to economic policies and projects, while providing an opportunity to preview the development of the economy and make efforts for the future.

In case you missed it

Nairametrics reported last month that the Federal Government announced that it disbursed the sum of N56,842,780,000 to over 1,079,323 persons and businesses, including those registered under the Corporate Affairs Commission (CAC), under the off-take scheme of the Survival fund.