Federal Government Pledges 100,000 Jobs in Partnership with Access Bank

The Federal Government has announced plans to create at least 100,000 verifiable jobs by May 29, 2024. The initiative, announced on February 22, 2024, is part of a partnership between the government and Access Bank, with the goal of supporting Micro, Small, and Medium Enterprises (MSMEs) in the country.

The partnership with Access Bank aims to provide MSMEs with access to funding at a reduced interest rate of 15 percent, compared to the current market rate of 27 to 29 percent.

Access Bank has also committed N50 billion to support MSMEs, and has simplified the collateral requirements for loans ranging from N1 to N3 million.

The government’s commitment to job creation and MSME development is a key part of President Bola Tinubu’s Renewed Hope Agenda, which recognizes these areas as strong pillars for sustainable economic development.

The Minister of Information and National Orientation, Alhaji Mohammed Idris, emphasized the government’s commitment to improving the ease of doing business, access to financing, provision of critical infrastructure, capacity building, and nurturing entrepreneurial skills.

MSMEs in Nigeria have demonstrated resilience in the face of challenges such as the COVID-19 pandemic and its economic ramifications.

The government’s partnership with Access Bank is a step towards creating an enabling environment for MSMEs to thrive and contribute to the country’s economic growth.

The creation of 100,000 jobs by May 29, 2024, is an ambitious target that, if achieved, will have a significant impact on the Nigerian economy.

The government’s focus on job creation and MSME development will not only create employment opportunities but also stimulate inclusive growth and foster innovation, laying the foundation for a more prosperous future for Nigeria.