ACCI applauds Tinubu’s N125b SME empowerment plan

The Abuja Chamber of Commerce and Industry (ACCI) has expressed its appreciation for President Bola Tinubu’s visionary efforts in empowering Small and Medium-sized Enterprises (SMEs) through a substantial N125 billion grant.

Dr. Al-Mujtaba Abubakar, the President of ACCI, stated that President Tinubu recognizes the critical role of SMEs in driving economic growth in the nation.

The grant was announced by President Tinubu during a nationwide broadcast on Monday, where he discussed the impact of the fuel subsidy removal on businesses and the Nigerian populace. Out of the total amount, N50 billion has been allocated for conditional grants to one million nano businesses between now and March 2024.

In response to the announcement, ACCI President Dr. Al-Mujtaba Abubakar called for swift implementation of the palliatives and emphasized the need for collaboration with the Corporate Affairs Commission (CAC) to ensure effective utilization of the grants.

Dr. Abubakar praised President Tinubu’s empathy and determination in revitalizing the economy, emphasizing that prompt implementation would significantly boost economic growth and enhance the competitiveness and productivity of businesses.

He also urged the acceleration of subsidies for converting fossil fuel tanks to CNG gas for vehicles, as this would further support the National Gas Expansion Programme (NGEP) and contribute to reducing carbon emissions.

Additionally, Dr. Abubakar recommended that all businesses in the country should be registered with the chamber movement. This registration would facilitate transparent and efficient distribution of loans and grants, while also strengthening the database of business activities in Nigeria.

Furthermore, ACCI pledged to continue advocating for business-friendly policies that will benefit the business community and promote ease of doing business in Nigeria.