Buhari: We have supported 1.1m businesses through MSME survival fund

President Muhammadu Buhari says his administration has supported over 1.1 million businesses in Nigeria through the introduction of the micro, small and medium enterprises (MSME) Survival Fund.

The President, represented by Vice-President Yemi Osinbajo, disclosed this at the 27th Nigerian Economic Summit (NES27) tagged “Securing our future: The fierce urgency of now,” on Monday, in Abuja.

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

“We were also able through the MSME Survival Fund to support up to 1.1m establishments and individuals. Particularly notable in this regard was the payroll support scheme wherein government was able to pay salaries to nearly 500,000 employees of MSMEs over three months so that they could remain at work,” Buhari said.

“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.”

In addition to the Survival Fund scheme, President Buhari explained further that his administration is also providing support to exporters through the Export Expansion Facility Programme and disbursement is ongoing to beneficiaries of the scheme.

“We are also providing support for exporters and labour-intensive organisations. 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,” he added.

“It is another project of the Economic Sustainability Plan that will lead to the creation of a large number of jobs. We expect up to 250,000 jobs to be created from this effort to connect up to 5 million households to solar power.”

“This project is particularly important in the context of climate change and in enabling Nigeria to generate renewable electric power against the background of its nationally determined contribution towards net-zero carbon emissions by 2050,” Buhari said.

Calling for more public-private partnerships in the transport sector, the president said the efforts of the federal government are evident and yielding results.