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Osinbajo highlights SMEs’ input to national devt

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Osinbajo highlights SMEs’ input to national devt

 

Micro Small and Medium scale Enterprises (MSMEs) are currently driving Nigeria’s economic growth, contributing just under 50 per cent of the Gross Domestic Product (GDP) and also employing over 80 per cent of country’s entire labour force.
Osinbajo stated this while touring the Ketu international market in Lagos to monitor the disbursement of the trader moni to beneficiaries. He said that the government is committed to the growth of the country’s SMEs, by targeting the trader moni scheme to increase their contribution to the nation’s GDP.
The Vice President, who toured the market along with the Lagos State Governor, Akinwunmi Ambode, and the All Progressive Congress (APC) gubernatorial aspirant, Babajide Sanwo-Olu, interacted with the petty traders to ascertain the impact of the trader moni scheme on them.
He said that he was impressed with the numbers of activation among petty traders that accessed the loans via their accounts.
According to him, the scheme was meant to empower more SMEs in the country in order to boost not only their sales but also, to enhance their productivity.
The Vice-president explained that the trader moni is a social programme under President Muhammadu Buhari’s administration to give instant money access to petty traders operating in the country in order not to be subjected to the rigorous loans from Nigerian banks.
Also speaking at the occasion, Executive Director, Bank of Industry (BoI), Toyin Adeniji, said that the government had surpassed the one million beneficiary mark with the trader moni scheme, saying that the target was achieved following the efforts of the bank to implement the scheme nationwide.

She said: “We have passed the one million beneficiary mark and we are all over the country. Every single state has trader moni beneficiaries. Also, we have testimonials across all Nigeria. People that have received the trader moni have used it to boost their businesses.

“Most of them in this environment that have accessed the trader moni of N10, 000 have increased their businesses and even increased their sales. When they repay, they will get N15,000 and more, so the acceptance of the trader moni scheme among the petty trader has been very good. However, we are encouraging them to pay back quickly so that they can get higher amount in order to boost their sales.”

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