The Federal Government has said it will continue to support macro, small and medium enterprises (MSMEs) and entrepreneurs to fully recover from economic recession.
The government said small-scale enterprises were the lifeblood of the economy and engine of growth.
The Head of Strategy and Growth for Government Enterprise and Empowerment Programme (GEEP), Bank of Industry (BoI), Mr. Taiwo Ajetunmobi, disclosed this while showcasing beneficiaries of the MSME Survival Fund Payroll Support scheme, which was held at Bodija, Ibadan, the Oyo State capital.
The Survival Payroll Support is the Federal Government intervention programme to support MSME and entrepreneurs and their employees through the economic recovery from the COVID-19 crisis.
Ajetunmobi said the plan and objective of the scheme were to mitigate the effects of the COVID-19-induced recession on MSMEs, having recognized their importance in the economy.
He said: “They are the lifeblood of our economy. The government truly recognises that they are the engine of growth. While Nigeria is on its way to economic recovery following the last recession when COVID-19 happened, the government is well aware that MSMEs are going to feel the significant impacts on their businesses.
“So, the government is stepping in to help support them through this crisis so that they would become more resilient and come out stronger out of this economic recession”.