Small Business

Vice President Osinbajo Launches New 5% Credit Facility for MSMEs

Vice President Yemi Osinbajo
August 3, 2018

**FG to launch Shared Facilities for MSMEs Initiatives, in partnership with BOI, FIRS, NEXIM, NEPC and Access Bank.

“This initiative will provide MSMEs with access to fully equipped cluster-style facilities, for which they can pay an affordable fee to operate out of. These facilities would have been pre-certified by the relevant agencies like NAFDAC, SON, ITF, NEPC, thereby removing layers of bureaucracy that in the past, held back many aspiring entrepreneurs.” – Vice President

REMARKS BY HIS EXCELLENCY, PROF. YEMI OSINBAJO, SAN, GCON, VICE PRESIDENT OF THE FEDERAL REPUBLIC NIGERIA, AT THE MAIDEN EDITION OF THE NATIONAL MICRO, SMALL AND MEDIUM ENTERPRISE AWARDS ON THE 2ND OF AUGUST 2018.

Protocol.

I am delighted to be here at this ceremony to reward and recognize outstanding MSMEs. And I congratulate most heartily, the outstanding MSMEs that have won awards and prizes today. You represent some of the most remarkable examples of Nigerian entrepreneurship, creativity and innovation.

Today, we proudly celebrate outstanding MSMEs all over the country, even as we re-double our efforts as a government, to ensure that your businesses continue to find an enabling environment to thrive.

As we were going from one state to the other for the MSME clinics, I met several outstanding MSMEs. I am sure several of them did not make the final cut for today’s awards, but I think it’s important to let you know that you all left me with very positive impressions of yourselves and your businesses. And you are all winners, whether or not you’re here today.

I recall Attajiri Rice in Sokoto, Itele Shoes in Kwara, Glimmer Touch in Calabar, Ntoko Farms in Aba, Abia state, US Amaasaki Enterprises in Katsina. My good friend, Awwal Saleh, also in Katsina, Mai Jama Shoes in Plateau, & Better Products Limited in Ogun State.

There are many others that I have not mentioned, but who are just as deserving of recognition and commendation. I am extremely proud of you, and I am sure many of us, who have come across you, and those who will, will also recognize the immense talent, creativity and innovation in all of you.

Day after day, you open your doors for business, in the face of challenges, and you put in hard work and dedication and innovation to serve your customers, you create jobs, and make a positive difference in your communities. Today we celebrate all of you. I want to thank you all very much, for the great hope you give our nation and you give us all.

Let me take this opportunity to announce that, in addition to the One-Stop-Shops that have been launched in some states to carry on the MSME Clinics interventions, we will shortly be launching our Shared Facilities for MSMEs Initiatives, in partnership with BOI, FIRS, NEXIM, NEPC and the private sector led by Access Bank.

This initiative will provide MSMEs with access to fully equipped cluster-style facilities, for which they can pay an affordable fee to operate out of. These facilities would have been pre-certified by the relevant agencies like NAFDAC, SON, ITF, NEPC, thereby removing layers of bureaucracy that in the past, held back many aspiring entrepreneurs. With these shared facilities, you would already have the necessary licenses that you need from the regulatory authorities, using those facilities would mean that you don’t have to go through all the regulatory bureaucracies. Those have already been done ahead for you, thereby giving you the extra advantage.

We have also partnered with the Central Bank of Nigeria and Commercial Banks, to launch a credit facility that we will make available to MSMEs; loans from N2 million to N10 million, with little or no collateral, for 5 to 7 years, and at an interest rate of 5 percent. All that you will need to provide is a bankable business proposal and guarantors.

The government is also exploring an initiative to allow a special window of 90 days for MSMEs, who have not registered their businesses to do so at a highly subsidized price. This is a special initiative of the Corporate Affairs Commission.

Finally, even while we appreciate the efforts and roles of all the partner agencies in the success of the Clinics, and the Awards, let me note that I am aware of complaints by MSMEs and governors of some states, where the One-Stop-Shops have been established, that some Federal agencies are not living up to their commitments as expected.

We must make it very clear that, as a government, we have made serious commitments regarding the One-Stop-Shops, they will be run efficiently, and are intended to fulfill all of these commitments to the letter. It will be very important for all of the agencies to understand that we will not tolerate the shirking of their responsibilities in any way, whether by absenteeism, or by putting in less than the expected effort. We want to ensure that those One-Stop-Shops present an opportunity for MSMEs in the states to get all of the regulatory approvals that they need and be able to do their businesses without any hassle. I have therefore asked my team to immediately provide me updates from all the One-Stop-Shops launched so far, so that we can be sure that they are doing exactly what they have been set up to do.

I must thank all their excellencies, the governors of the 17 States we have been to so far, for their unfailing courtesies and hospitality, and also thank their excellencies who are here today, especially the governors of Cross Rivers State; Prof Ben Ayade, Plateau State; Simon Lalong, the Deputy Governors of Kaduna; Bala Bantex, & Abia State; Rt. Hon. Ude Oko Chukwu – winners of the MSME most friendly state, Abia State.

Once again, I congratulate you all, and assure you that the Federal Government will work with you and support you all the way, because the success of your business is the success of the Nigerian economy!

I want to congratulate especially, the winner of the MSME award of the year, Jerry Isaac Mallo and his dad, Mr. Mallo, and the special ladies from Cross River state, for the very excellent innovation and creativity, and to all of our awardees. We wish you all the very best in your businesses, and we hope that when next we meet, we will share greater stories of the achievements you have made by then.

Thank you all very much, God bless you.

Released by

Laolu Akande

Senior Special Assistant to the President on Media and Publicity

Office of the Vice President

3 August 2018

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