The FG approves new project that will see about 1.4 million jobs saved. Check for details.
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Federal Government has began a very great project, one that we should all be proud of. According to reports, the Nigerian Government is working tirelessly on a project that will see themccreate about five million jobs or more from its Post-COVID-19 economic recovery plans.
This information was related to the public by the Minister of Industry, Trade, and Investment, Richard Adeniyi Adebayo, on Thursday, while giving a statement which was signed by his Special Assistant on Media and Publicity, Mr. Julius Toba-Jegede.
The Minister revealed that the FG has commenced their plans, and that if everything goes according to plan, they will be saving about 1.4 million jobs of Nigerians, with 40 percent of them in female-owned MSMEs and 10 percent in businesses belonging to people with special needs.
The Minister also disclosed that the quest they have engaged in, is a way of showing how hard they want to stress themselves for the betterment of the nation, and its also a way of the ministry’s trying to play a leading role in the Federal Government’s delivery of Real Sector interventions.
The Ministry hopes to help the government achieve its Economic Sustainability Plan, in the wake of the coronavirus pandemic which has crippled the economy of the world.
To achieve these, the Minister gave an overview of three programs as The MSME Survival Fund, The Guaranteed Offtake Stimulus Scheme, and the Credit Support to MSMEs and Priority Sector.
The Minister believes that this intervention program will create about five million jobs, support continued operations, and increase in production capacity in priority sectors and protect MSMEs from the diabolical effect the coronavirus pandemic has had on the citizens and the economic condition of the country.
This is what the minister said.
”We expect that the Survival Fund will save 1.4 million jobs across the country with 40% of them in the female-owned MSMEs and 10 % in businesses owned by persons with special needs.
“The Credit Support to MSMEs and Priority Sector will provide affordable finance to key sectors impacted by the pandemic and enable an increase in manufacturing capacity in priority sectors. This scheme will save and create an additional three million jobs and will be implemented through N50 billion MSME de-risking facility, N100 billion intervention fund for priority sectors.
According to the Minister, these sectors include healthcare, agro-processing, creative industry, local oil and gas, and exports. Also, N150 billion Capitalization Fund and an N50 billion Export Expansion Facility are on set to make sure that these goals are achieved.