Senior Special Assistant to the President on Job Creation and Micro Small And Medium Enterprises (MSMEs), Temitola Adekunle-Johnson, on Thursday disclosed that the administration of President Bola Tinubu will create at least, 384,000 jobs in the next four years.
Adekunle-Johnson stated this at a forum on job creation, organized by his office on Job creation and MSMEs.
He said about 100,000 jobs will be created by the end of May, 2024 by the administration as it was the desire of the present government to focus on jobs creation.
“We are saying that by the end of May 29, we will create at least 100,000 jobs. The target is to create 384,000 jobs in four years,” the presidenrial aide noted.
According to him, the initiative would be a partnership between the Federal Government and Access Bank.
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He said. “Today’s programme is to announce our partnership with the Access Bank, how the bank is trying to support the government with regards to access to funding for MSMEs. Right now, the interest rate for loans is between 27 and 29 per cent, but Access bank is giving us at the rate of 15 percent.”
The Presidential aide therefore thanked Access bank for supporting businesses to thrive in the country.
Also speaking at the occasion, the Minister of Digital Economy and Innovation, Bosun Tijani revealed that small businesses were presently contributing about 48 percent to the nation’s GDP.
The Digital Economy Minister who also emphasized that President Tinubu prioritizes job creation and support for businesses, said that at least, 80 percent of those gainfully employed in Nigeria were participants in the MSMEs terrain.
The Minister explained that the current economic challenges being faced by Nigeria was not peculiar to the country but a global trend.
“14 additional countries are expected to go into recession in the coming dates. Most of these economies are tied to the global economy just like our country Nigeria. This is why the administration of President Bola Tinubu and Vice President Kashim Shettima are prioritizing job creation and support for small businesses.
“Everywhere you look at this country at the moment, you will see significant initiatives that are focused on creating jobs but also supporting small businesses as well,” he stated.
He said businesses contribute 48 percent to the nation’s Gross Domestic. Product (GDP) and so, cannot be toyed with.
“GDP is really how governments determines whether they are doing well and whether we are contributing to the wellbeing of the nation. Small businesses in Nigeria contribute about 48 percent to our GDP so these small businesses you see around your offices or somewhere close to your home contribute 48 percent to our GDP that is how important they are,” he said.
The Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, in his reamks said that the agency is collaborating with Police commands across the country to protect small businesses and also prevent encroachment on the nation’s industrial dev centers.
On his part, the Registrar General of the Corporate Affairs Commission, Hussaini Magaji, who was represented on the occasion, lamented that one-third of MSNEs in Nigeria were not registered.
He therefore, solicited for support from the media, as he urged media practitioners to give enlightenment to small businesses that are not yet registered to do so.
The Forum was organized in collaboration with the Access Bank of Nigeria, and the Head, of non-financial Services and Emerging Businesses.
