In response to the prevailing economic challenges facing the nation, the Federal Government has unveiled a 75 billion naira intervention fund aimed at providing critical support to small businesses. The announcement was made during the inauguration of this year’s Abuja International Trade Fair (AITF) by Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment.
Dr. Uzoka-Anite, represented by Mr. Kaura Irimiya, the Director of Commodity and Export, revealed that this substantial fund is scheduled for disbursement in March 2024. Its primary objective is to fortify the country’s manufacturing sector, which plays a pivotal role in economic stability.
Moreover, the Minister emphasized that the Federal Government is committed to extending small grants to micro-businesses across all 774 Local Government Areas in Nigeria, further underscoring its dedication to bolstering the nation’s economic landscape.
In a related development, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, expressed his administration’s eagerness to collaborate with the private sector to revitalize economic and business activities within the territory. Represented by Chinedu Elechi, the Mandate Secretary of Economic Planning, Mr. Wike also sought the cooperation of the private sector, particularly in the realm of taxation, to enhance the FCT’s Internally Generated Revenue (IGR).
This year’s Abuja International Trade Fair, held under the theme “Sustainable Financing and Taxation,” was inaugurated by Dr. Al-Mujtaba Abubakar. Dr. Abubakar emphasized that the AITF has established itself as a trusted global trade destination, attracting over five hundred thousand consumers. It serves as a prominent platform for fostering business relationships, exploring trade opportunities, and exchanging ideas.
As the leading Chamber of Commerce and Industry, the Abuja Chamber of Commerce and Industry (ACCI) continually strives to enhance the quality of its trade events. For this year’s fair, ACCI has introduced additional attractions such as rewards, free jollof rice tasting, and a fashion runway to elevate the fair’s appeal.
Dr. Abubakar underscored the trade fair’s importance as part of ACCI’s initiative to connect businesses and create a platform for policymakers to engage with the business community, recognizing the pivotal role played by small businesses in the nation’s economy.
“We encourage everyone to participate in the 12-day event, engage in business networking, and attend special days organized by government agencies, ministries, parastatals, states, private sector entities, and countries participating in the fair,” added the President of ACCI.