We have disbursed N100 billion since 2017 to facilitate MSMEs, create jobs – FG

The Federal Government announced that it has already spent N100 billion to create jobs for youths and address the country’s rising unemployment rate.

According to the News Agency of Nigeria, the Minister of State for Labour and Employment, Mr Festus Keyamo, SAN, stated this in a statement on Sunday in Abuja.

The Minister added that since 2017, the Development Bank of Nigeria has disbursed N100 billion to facilitate Small and Medium-Sized Enterprises (MSMEs) with the aim of creating jobs for the country’s teeming unemployed.

Mr Keyamo, while speaking on the matter said, “You will all agree with me that unemployment is one of the remote causes of banditry, terrorism, corruption and other forms of criminality.

“Even though the Federal Government is working hard at check terrorism and all other forms of criminality and violent crimes, it is equally prosecuting the war against mass unemployment.

”I am proud that the National Directorate of Employment (NDE) whose board I am privileged to Chair and also directly supervise, is effectively leading that war against mass unemployment.

“Let me inform you all that the Federal Government has put all plans in place to ensure that businesses succeed in Nigeria. The present administration has launched a series of funding and capacity development initiatives designed to support Micro, Small and Medium Enterprises (MSMEs).

”Since 2017, the Development Bank of Nigeria has disbursed a total of N100 billion through the bank’s 27 participating financial Institutions (PFIs), thereby impacting more than 100,000 MSMEs,” he said.

Additionally, he asserted that 52% of loans disbursed in 2019 and 2020 went to youth and women-owned businesses, noting that the NDE empowerment of women was designed to ensure that beneficiaries and trainees acquire relevant and marketable skills that would galvanize them into starting their own businesses.

He stated that the FG’s goal is to provide them with immediate income opportunities due to their critical role in providing family support and ensuring social stability at the very foundation of society.

He added that the Women Employment Branch (WEB) of the NDE’s Small Scale Enterprises Department is in charge of driving initiatives aimed at providing ample opportunities for women across the employment creation process.

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Written by Babatunde Okerayi

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