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A chieftain of the All Progressives Congress (APC), Olatunbosun Oyintiloye, has urged President Bola Tinubu to closely monitor the distribution of the N200 billion presidential intervention fund recently launched for Micro, Small, and Medium Scale Enterprises (MSMEs) and manufacturers in the country.
In a statement issued on Sunday, April 28, 2024, Oyintiloye emphasized the importance of ensuring that the intervention fund achieves its intended purpose and benefits the targeted sectors.
He highlighted the significance of the fund in promoting economic growth and industrial development at all levels.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, had announced the launch of the N200 billion presidential intervention fund, with N75 billion allocated to MSMEs and another N75 billion to the manufacturing industry.
Oyintiloye commended President Tinubu for the launch of the intervention fund, noting that it will boost economic growth and industrial development.
He stressed that MSMEs play a crucial role in the country’s economic structure, contributing over 45% to the country’s gross domestic product (GDP) and accounting for nearly 90% of the jobs in Nigeria.
However, the APC chieftain called for the establishment of a monitoring team to ensure that the distribution process is not sabotaged and that the funds are used effectively to create jobs, promote innovation, and stimulate economic growth.
Oyintiloye urged Nigerians to support President Tinubu in delivering more dividends of democracy and emphasized the importance of the intervention fund in reducing unemployment rates, promoting innovation, and stimulating economic growth and diversification.
As the intervention fund is distributed, close monitoring and integrity checks will be necessary to ensure that the funds are used to their full potential and benefit the MSMEs and manufacturers as intended.
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