Access Bank and the federal government have formed a fresh partnership to enhance funding accessibility for Medium, Small, and Micro Enterprises (MSMEs) nationwide through the “YouThrive by Access” initiative.
Chioma Ogwo, the Head of Non-Financial Services and Emerging Businesses at Access Bank, emphasized that the initiative aims to empower small businesses by providing capacity building, affordable finance, and digital, technical, and skill acquisition training.
Temitola Adekunle-Johnson, Senior Special Assistant to President Bola Tinubu on Job Creation and MSMEs, reiterated the government’s commitment to generating 380,000 jobs within four years, targeting a single-digit loan interest rate for MSMEs.
Access Bank has earmarked N50 billion for the intervention program, offering loans at a 15% interest rate and providing free grants for deserving SMEs. The bank aims to empower 4 million individuals over four years, granting access to finance for 700,000 annually and training for 300,000.
Minister for Communications, Innovation, and Digital Economy, Olatunbosun Tijani, stressed the importance of empowering technology-oriented youths to leverage technology and innovation for enhancing MSMEs’ productivity, with the goal of Nigeria becoming a net exporter of technology.
Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), revealed that 3 million jobs were lost due to flooding in 2023. He highlighted the government’s efforts in developing technology to forecast and prevent flooding, facilitating proactive measures to safeguard potential victims.
