FG to create 5m jobs from post-COVID-19 economic plans – Adebayo

FG to create 5m jobs from post-COVID-19 economic plans – Adebayo

Thursday, June 25, 2020 10:38 pm


Niyi Adebayo: Minister of Industry, trade and investment

The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, says  the Federal Government will  create and save no fewer than five million jobs from its Post-COVID-19 economic recovery plans.

Adebayo disclosed this in a statement signed by his Special Assistant on Media and Publicity, Mr Julius Toba-Jegede on Thursday in Abuja.

The minister revealed that plans were underway to save about 1.4 million jobs of Nigerians, with 40 per cent of them in female-owned Micro, Small and Meduim Enterprises (MSMEs).

According to the minister, 10 per cent of the jobs to be saved are in businesses belonging to people with special needs.

The minister noted that the move was part of his ministry’s input in playing a leading role in the federal government’s delivery of Real Sector interventions of its Economic Sustainability Plan in the wake of the global pandemic.

He said this would be achieved through these three programmes: The MSMEs Survival Fund, The Guaranteed Offtake Stimulus Scheme and the Credit Support to MSMEs and Priority Sector.

“These interventions will save and create about five million jobs, support continued operations and increase in production capacity in priority sectors and protect MSMEs from the shocks of the COVID-19 pandemic.

“We expect that the Survival Fund will save 1.4 million jobs across the country with 40 per cent of them in the female-owned MSMEs and 10 per cent in businesses owned by persons with special needs.

”The Guaranteed Off take Stimulus Scheme’s objective is to protect jobs, stimulate economic activities nationwide and protect the income of vulnerable MSMEs by guaranteeing offtake of items produced by these businesses.

“The scheme will save an additional 300,000 jobs in MSMEs nationwide”, he said.

He further said that the Credit Support to MSMEs and Priority Sector would provide affordable finance to key sectors impacted by the pandemic and enable increase in manufacturing capacity in priority sectors.

The scheme, according to him will save and create an additional three million jobs and will be implemented through N50 billion MSME de-risking facility, and N100 billion intervention fund for priority sectors.

” These sectors include healthcare, agro-processing, creative industry, local oil and gas and exports.

“There will also be N150 billion Capitalisation Fund and a N50 billion Export Expansion Facility,” he said.

The minister added that the programmes had been designed with a robust governance structure and a monitoring and evaluation framework to ensure successful implementation.

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