Nigeria: FG to introduce intervention program for MSMEs and large businesses

The Federal Government has announced its intention to implement an intervention program designed to bolster the growth of Micro, Small, and Medium-sized Enterprises (MSMEs) within the country.

Dr. Jumoke Oduwole, the Special Adviser to President Bola Tinubu on Presidential Enabling Business Environment Council (PEBEC) and Investment, released a statement in Abuja, revealing the government’s plans to launch an intervention program aimed at boosting the development of Micro, Small, and Medium-sized Enterprises (MSMEs) in the country.

Oduwole clarified that the intervention program is a crucial element outlined in the PEBEC’s 2024 Outlook document, featuring five strategic pillars for action. The initiative, named the PEBEC Business Champions Programme, aims to play a pivotal role in fostering the growth and development of Micro, Small, and Medium-sized Enterprises (MSMEs).

“Having worked with MSMEs for over seven years, we realized that while systemic regulatory and judicial interventions are important, strategically, we must be committed to delivering faster results.”

“The Business Champions intervention targets medium to large-sized industries and there are two parts to that programme. The first part is to work with medium-sized enterprises and have a pilot cohort of about 25 businesses.”

“This intervention will be a bespoke service to help these medium businesses navigate the business climate from the government’s perspective,” she stated.

She specified that the selection criteria for businesses under the PEBEC Business Champions Programme would be determined by various factors, including revenue, tax contributions, job creation, sectors, and export proceeds.

Oduwole noted that the intervention would extend to companies with over one billion USD in annual revenue, of which there are 23 in Nigeria.

Furthermore, she emphasized that, with legislative support, there would be a comprehensive review of the Omnibus Act. She noted the collaborative efforts involving over 40 law firms nationwide in this endeavor.

She explained that these firms volunteered their services pro bono to assess approximately 21 business laws, ultimately contributing to the formulation of the Omnibus Act.

Oduwole reiterated the continuous collaboration between the council and state judiciaries to streamline the establishment of additional Small Claims Courts.