Nigeria Disbursed N100 Billion to Tackle Unemployment and Facilitate MSMEs

The federal government of Nigeria announced that N100 billion had been invested through the Development Bank of Nigeria to tackle unemployment and fund Small and Medium Enterprises (MSMEs) since 2017. This was made known in a statement given by the minister of state for Lagos and employment in Abuja.

Festua Kayamo, the Minister of Labour and Employment, made this known while officially disbursing empowerment items to women in Jos and Plateau. He says the disbursement was a measure taken by the government to curb the menace of unemployment by creating jobs, particularly for women and the youths. 

Represented by Mallam Abubakar Nuhu Fikpoi, the Director-General of the National Directorate of Employment (NDE), says, “You will all agree with me that unemployment is one of the remote causes of banditry, terrorism, corruption and others”.

He noted that “Even though the Federal Government of Nigeria is working hard at check terrorism and all other forms of criminality and violent crimes, it is equally prosecuting the war against mass unemployment and facilitating MSMEs. I am proud that the National Directorate of Employment (NDE), whose board I am privileged to Chair and also directly supervise, is effectively leading that war against mass unemployment”.

He added that the federal government aims to empower and provide immediate income-generating opportunities and ensure that women gain the needed skills to start their businesses. 

In 2019 and 2020, 52% of loans disbursed went to youths and women-owned enterprises. He says, “Our goal is to provide them with quick income-generating opportunities because of their roles in providing family support and sound social stability at the very foundation of society”.

He went on to say that the Women Employment Branch (WEB) of the NDE’s Small Scale Enterprises is in charge of driving activities targeted at providing abundant possibilities for women throughout the employment development process.

“I am proud to inform you that the Women Employment Branch (WEB) of the Small Scale Enterprises Department of the NDE is responsible for driving initiatives aimed at providing ample opportunities for women with the entire framework of our employment creation processes. Our objective in empowering women is clear. We create employment for women to improve their socio-economic status, reduce poverty, create wealth and boost their leadership qualities so that they can have a say in their immediate community in relevant decision-making processes”, he said.

“Let me inform you all that the Federal Government has put all plans in place to ensure that businesses succeed in Nigeria. The present administration has launched a series of funding and capacity development initiatives designed to support Micro, Small and Medium Enterprises (MSMEs)”.

Since 2017, the Development Bank of Nigeria has disbursed a total of N100 billion through the bank’s 27 participating financial Institutions (PFIs), thereby impacting more than 100,000 MSMEs,” he added.

READ ALSO: Why Nigeria may Soon Lift the Ban on Twitter