The Federal Government and Access Bank have partnered to create a ground-breaking project called “YouThrive by Access,” which aims to empower medium-sized, small, and micro companies (MSMEs) throughout Nigeria. This is a crucial step towards economic growth and the creation of jobs. The partnership aims to lower the nation’s high unemployment rate by making it easier for small enterprises to obtain financing and offering them all-encompassing support.
Chioma Ogwo, Head of Non-Financial Services at Access Bank, emphasized the initiative’s broad strategy. Small firms that take part will get training in digital, technical, and skill acquisition, as well as cheap financing and capacity building. Access Bank hopes to empower 4 million MSMEs over the course of four years, or one million enterprises a year, with a N50 billion fund set aside for this purpose.
A crucial aspect of the initiative is job creation, with the government aiming to generate 384,000 jobs within the next four years. Senior Special Assistant to President Bola Tinubu on Job Creation and MSMEs, Mr. Temitola Adekunle-Johnson, emphasized the commitment to transparency and accountability, stating, “We will create these jobs for everyone to see. You will hold us accountable.”
The intervention program offers loans at a 15 percent interest rate, with additional free grants for deserving SMEs that have demonstrated excellence. Ogwo emphasized the significance of a business exchange program, which allows beneficiaries to collaborate with counterparts in other countries to enhance their knowledge and skills.
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To streamline the funding process, the government aims to ensure a 14-day approval period for SMEs applying for loans, addressing the challenges of prolonged waiting times. The ultimate goal is to establish a single-digit loan norm for MSMEs, promoting swift disbursements after the loan assessment.
Recognizing the impact of environmental challenges on job losses, Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), revealed that 3 million jobs were lost to flooding in 2023. He highlighted the government’s efforts in developing technology to provide early warnings for impending floods, enabling proactive measures to protect communities.
In conclusion, the collaborative efforts between the Federal Government and Access Bank signify a concerted push towards empowering MSMEs, fostering job creation, and addressing economic challenges. This strategic partnership aligns with the government’s commitment to supporting small businesses and cultivating a resilient economy capable of adapting to global shocks.