President Muhammadu Buhari says the Federal Government had empowered over 1.1 million businesses through the Micro Small and Medium (MSMEs) Enterprises Survival Fund, launched to support businesses ravaged by the COVID-19 pandemic.
The President stated this in his address to the 27th Nigerian Economic Summit (NES27) organized by the Nigerian Economic Summit Group (NESG) on Monday, in Abuja.
Organised in collaboration with the Federal Ministry of Finance, Budget, and National Planning, the summit was tagged: “Securing our future: The fierce urgency of now”.
Buhari, who was represented by Vice President Yemi Osinbajo, said that “The COVID-19 has had far-reaching implications for businesses and the socio-economic impact has been huge.”
He said that the shock of the pandemic came at a time that Nigeria was striving to be a digital economy.
“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.
Osinbanjo pledges FG’s support to uplifting citizens’ standard of living
” The AfCFTA calls for action to position the economy and at the same time protecting our key sectors of health and infrastructure, in a sustainable manner,” Buhari said.
The president said that the summit had served as a commitment between the public and private sectors to Nigeria’s economic growth for the past 27 years.
He said the outcome of the summits had contributed to economic policies and projects while providing an opportunity to preview the development of the economy and make efforts for the future.
Buhari said that the theme for this year’s summit, “Securing our future: the fierce urgency of Now” was more than appropriate as it geared towards achieving national objectives.
