Monitor MSMEs, manufacturers N200bn intervention fund — Osun APC chieftain, Oyintiloye appeals to Tinubu

A chieftain of All Progressives Congress, APC, Olatunbosun Oyintiloye, has appealed to President Bola Tinubu to 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.

Oyintiloye, while speaking with journalists on Sunday in Osogbo, said the monitoring was important to ensure that the intervention fund achieved its targeted purpose.

He recalled that the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, had announced the launch of a N200 billion presidential intervention fund for MSMEs and manufacturers.

According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the intervention fund.

Oyintiloye, who noted that the fund must be protected from being siphoned into the pockets of private individuals, suggested that all necessary strategies must be put in place to ensure that different intervention programmes of the president have positive impacts on the lives of Nigerians.

He urged the president to set up a monitoring team to ensure that the process was not sabotaged.

He, however, commended the president for the launch of the intervention fund, adding that it will boost economic growth and industrial development at all levels.

The APC chieftain, who noted that MSMEs would promote grassroots-level economic prosperity and create a multiplier effect on the overall economy, said the intervention fund for the sector was in the right direction.

He said it would afford the MSMEs, being the backbone of the economic structure, more opportunity to create more jobs which would unlock full potential in poverty reduction.

“MSMEs contribute over 45 per cent to the country’s gross domestic product (GDP), with 98.8 per cent of them in the micro cadre.

“They account for nearly 90 per cent of the jobs in the country.

“Therefore, as MSMEs grow, they create more jobs, contribute to GDP by producing goods and services for domestic consumption and export, which will lead to prosperity for more, and less insecurity across the country.

“By creating jobs, MSMSEs help to reduce unemployment rates, promote innovation, stimulate economic growth and diversification.

“And that is the reason we have to give it to the president for this initiative. It will in no small way boost the economy through creation of an open new market because MSMSEs is vital to the economic growth of any nation. But there must be close watch on the distribution of the funds. The president must ensure that he is personally carrying out integrity checks on the process to prevent sabotage,” he said.

He said that the intervention fund would also boost the manufacturing industries in the country, adding that no modern economy could develop without a strong industrial base.

He said with viable manufacturing industries in the country, there would be high growth, productivity and competitiveness.

“This would increase exports, enhance infrastructure, skill development, expand tax base and tax returns from both manufacturers and their workers which will in turn, increase revenue generation.”

He, however, urged Nigerians to continue to support the president for the delivery of more dividends of democracy.