Trade & Investment

Nigeria Plans N65bn Stimulus Package For Manufacturing Sector

Nigerian government has earmarked N65 billion stimulus package to support the Organised Private Sector in Nigeria (OPSN) in the bid to revive the economy from the shocks of COVID-19 pandemic, Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, announced on Monday.

The Minister disclosed this at a virtual meeting held with members of the OPSN, made up of Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small and Medium Enterprises (NASME), and Nigerian Association of Small Scale Industrialists (NASSI).

In a statement by Amb. Ayoola Olukanni, Director General, NACCIMA, made available to our correspondent, the minister assured that the government will support and work closely with the private sector in its quest to reboot the economy in the face of the COVID-19 pandemic.

Olukanni, in the release, stated: “A series of stimulus packages will be made available soon to assist operators in the private sector. These include a N50 billion survival funds for Micro, Small and Medium Enterprises (MSME); and a N15 billion Guaranteed Uptake Scheme to save 500,000 jobs.”

The statement added that under some of these interventions, 40% of the funds will be reserved for women owned businesses.

According to Olukanni, the virtual meeting also agreed that the implementation of the projects and programmes under the Economy Sustainability Plan which was recently approved by National Executive Council, will be in close cooperation with members of the OPSN.

Other issues discussed at the meeting were Maritime Port Reforms; Appropriate Gas pricing; Special Economic Zones and Industrial Clusters, as well as stable and regular power supply.


Related Articles

Leave a Reply

Back to top button