Sophie Wells
Tue, Aug 1, 2023 1:30 PM

Nigeria to Allocate €480 Million for Manufacturing, Agriculture, and SMEs

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Nigeria to Allocate €480 Million for Manufacturing, Agriculture, and SMEs
Nigeria's President, Bola Tinubu, has announced a new funding allocation of over €480 million to boost the manufacturing and agricultural sectors, as well as support small and medium-sized enterprises (SMEs). The country is currently facing economic and food crises, leading to growing social tensions. Tinubu expressed his understanding of the difficulties faced by Nigerians and emphasized the immediate need to alleviate the burden on the economy, businesses, and vulnerable groups.

Lagos, 1st August - In the midst of an ongoing economic and food crisis leading to increasing social tensions, Nigeria's President, Bola Tinubu, has announced a significant funding allocation of over €480 million to revitalize the manufacturing and agricultural sectors and provide support to small and medium-sized enterprises (SMEs). Tinubu addressed the nation in a televised speech late yesterday, acknowledging the challenges faced by Nigerians. He expressed his desire for alternative solutions but emphasized the lack thereof.

Tinubu stated, "Our economy is going through a rough patch, and all of you (Nigerians) are bearing the brunt of it. The cost of fuel has risen, and food and other prices have followed suit... I understand the hardships you are facing. I wish there were other ways, but there aren't."

As part of immediate relief measures, the President announced that the government will invest 75 billion Nigerian Nairas (approximately €90 million) for the manufacturing sector, 125 billion Nairas (around €150 million) for SMEs, and 200 billion Nairas (approximately €240 million) for the agricultural sector.

Tinubu further underscored the government's commitment to working closely with local and state governments to implement interventions that would alleviate the suffering of people across various socioeconomic levels. One of the measures to ensure the availability and affordability of essential food items involves selling 200,000 tons of cereal from the "strategic reserves" in all territories at "moderate prices."

The President, who took office in May, made this announcement amid the country's severe economic crisis, compounded by the effects of the COVID-19 pandemic and the impact of the Ukraine conflict on food and commodity prices. These circumstances have resulted in strikes and protests throughout Nigeria.

The most populous country in Africa, with over 213 million inhabitants, eliminated fuel subsidies in June, as the President argued that they represented excessive spending and only benefitted the elite. This move resulted in price hikes.

In mid-July, Tinubu declared a "state of emergency in food security" after humanitarian organizations raised concerns over the escalating food and nutritional crisis in both the northeast - a stronghold of jihadist groups - and the northwest regions of the country.

Considering Nigeria's dire situation, the newly allocated funds for the manufacturing sector, agriculture, and SMEs aim to provide immediate support, enhance economic recovery, and mitigate the impact of the ongoing crises. The government's initiatives underline its commitment to addressing socio-economic challenges and fostering stability in Nigeria.

Source of content: OOO News 2023-08-01 News

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