FG Plans N200bn Capitalisation, Export Expansion Fund

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Adeniyi Adebayo
  • Targets 5m jobs in economic plan

James Emejo in Abuja

Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo,  Thursday said the federal government is planning to float a N150 billion capitalisation fund and N50 billion export expansion facilities to respond to the impact of the COVID-19 pandemic on the economy.

He added that no fewer than five million jobs would be created as well as saved from the government Post-COVID-19 economic recovery plan.

The minister said plans were underway to save about 1.4 million jobs for Nigerians, with 40 per cent of such employment opportunities in female-owned MSMEs and 10 per cent in businesses belonging to people with special needs.

Adebayo explained that these were part of his ministry’s input in playing a leading role in the federal government’s delivery of real sector interventions of its economic sustainability plan in the wake of the global pandemic.

According to him, the proposed jobs will be generated through the implementation of identified programmes, including the MSME survival fund, guaranteed off-take stimulus scheme and the credit support to MSMEs and priority sector.

In a statement issued by his Special Assistant on Media and Publicity, Mr. Julius Toba-Jegede, the minister noted that the credit support to MSMEs and priority sectors would provide affordable finance to key sectors impacted by the pandemic.

He said it would also enable increase in manufacturing capacity in priority sectors, adding that the scheme will save and create an additional three million jobs to be implemented through the N50 billion MSME de-risking facility, including N100 billion intervention fund for priority sectors.

Adebayo said: “These interventions will save and create about five million jobs, support continued operations and increase in production capacity in priority sectors and protect MSMEs from the shocks of the COVID-19 pandemic.

“We expect that the survival fund will save 1.4 million jobs across the country with 40 per cent of them in the female-owned MSMEs and 10 per cent in businesses owned by persons with special need.”