The Federal Government (FG) on Monday, further, extended the 50% discount it offered for MSMEs to register their company names.
The Vice-President, Yemi Osinbanjo made this announcement during the first quarter MSME’s stakeholder’s meeting. He explained that the government’s action was informed by the success so far recorded.
Reports indicated that small business registration grew from ‘54,000 to 163,000 within the six months window given.
The FG started implementation of this discount since October, 2018. Osinbanjo at the event also asked Standard Organizations of Nigeria and National Agency for Food and Drug Administration and Control to quickly resolve issues.
He urges them to ease in business operations. Challenging stakeholders to come up with ideas to best finance small businesses in the country. Mr Kayode Pitan, Managing Director BOI (Bank of Industry), called for “MSMEs to establish a company to de-risk BOI loans to MSMEs”.
The VP said “Having listened to all the issues raised in the report and from your various contributions about funding. I think you should come up with suggestions on best funding for start-ups and MSMEs”
He added “We need to do something quickly”. He said relevant agencies of government must ensure that loan beneficiaries are equipped. And also have the necessary skills and knowledge to better manage their businesses.
This comes after the Commission had requested for extension from the Minister of Industry, Trade and Investment who graciously approved three months extension of the BIS (Business Incentive Strategy) for registration of MSMEs.