Hajiya Saratu Iya Aliyu,the National President of NACCIMA,has said that  the recent launch of the N50bn Export Expansion Facility Program (EEFP) and Grant Management Portal designed for accessing  the Export Development Fund (EDF) will increase inflow of  foreign exchange and expand the diversification of the nation’s  economy.

Iya Aliyu,who spoke in Lagos  advised medium and small scale enterprises  in Nigeria to take advantage of the facilities which will be processed through the System which was launched.

She assured that  her members  are being encouraged to tap into the opportunities under the Facility and called on other stakeholders to be part of the initiative which are some of the strategic options to pilot Nigeria out of recession and improve on recent gain.

She also commended government on the initiative and advocated the need  for efficient functioning of the digital  portal to enable prompt and efficient access of Funds under the facilities.

She described the launch of the digital management oortal as a practical positive step to ensure that MSMEs  across the country which are the back bones of the economy can access stimulus packages designed to save and create  jobs, as concerted efforts continue to help those of them impacted by COVID-19 pandemic get back on their feet .

She also noted that it was significant that  this was the first time that the EDF was being funded  since the creation of the NEPC Act;  and described the development as commendable.

Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, has tasked the newly appointed Executive Secretary of the National sugar Development Council (NSDC), Zach Adedeji to work towards the realisation of the Federal Government’s goal in ensuring self-sufficiency in sugar production.

He  spoke at the inauguration of Adedeji as the  boss  of the NSDC at the weekend in Abuja, where he also  said the Federal Government relied on him to work assiduously towards the realisation of the country’s self sufficiency in the sugar production.

He said  the appointment of Adedeji was based on his performance in his former positions, adding that the nation expected him to leave landmark achievements by the time he would be leaving office.

“You are therefore expected to discharge your duties in accordance with the rules and regulations as laid down in the Act establishing the council and other extant rules,”he said.

He urged him to create an atmosphere of a good working relationship with his staff, board and management to ensure a successful execution of his mandate.

In his remarks, Adedeji said Sugar is an important commodity in the global agricultural market, with an annual average production of 120.1 million tons, consumption of 118.1 million tons.

He said sugar is produced under a broad range of climatic conditions in some 120 countries and is one of the most heavily traded agricultural commodities.

The  Federal Government  has concluded a USD1billion syndicated term loan in conjunction with international partners to further support Small and Medium Scale Enterprises (MSMEs) in the country.

Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, explained that the  loan is aimed at “further improving the capacity of the bank to effectively support Micro, Small and Medium Scale Enterprises (MSME) – across key sectors of the Nigerian economy – with affordable loans of medium to long-term tenor, alongside moratorium benefits.”

Adebayo spoke  at the Quantum Mechanics Limited MSMEs Survival Fund Capacity Building Programme in Abuja, adding that  there is an ongoing discussion with Dunn & Bradstreet to establish an SME risk rating agency – the SME Rating Agency of Nigeria (SMERAN), to provide an empirical basis towards analysing the eligibility of SMEs to access credit.

He added: “I will like to reiterate that our Ministry fully supports MSMEs, as demonstrated by our MSME Survival Fund Initiative which was launched in the wake of the COVID-19 pandemic by the Federal Government as part of the Nigerian Economic Sustainability Plan (NESP); aimed at protecting MSME businesses from the shocks the pandemic.

He added:”The Fund comprises the Payroll Support Scheme which aims to support MSMEs in meeting their payroll obligations and safeguard jobs by paying up to N50,000 to a maximum of 10 employees in each MSME for three months; the Artisan and Transport Grant which supports self-employed artisans with a one-off payment of N30,000 targeting 333,000 individuals,theb General MSME Grant which will provide 100,000 MSMEs with one-off grants of N50,000 each; and the  Guaranteed Offtake Scheme which will engage approximately 100,000 businesses across the country to produce items typically manufactured in their locality, targeting 300,000 beneficiaries.

He explained that the survival fund was estimated to save at least 1.3 million jobs across the country, while strengthening the growth potential of beneficiary businesses, stressing that the the successful implementation of the scheme so far has contributed immensely to quickly pulling Nigeria out of the Covid-19-induced recession

The Minister said the National MSMEs Clinics also support the growth of small businesses across the country through the provision of critical infrastructure, with twenty-six of such clinics having impressive results.