From Bamigbola Gbolagunte, Akure
A chieftain of the All Progressives Congress (APC), Hon. Olatunbosun Oyintiloye, has called on President Bola Ahmed Tinubu to closely monitor the distribution of the recently launched N200 billion presidential intervention fund for Micro, Small and Medium Scale Enterprises (MSMEs) and manufacturers.
Oyintiloye emphasised the importance of monitoring to ensure the fund achieves its intended purpose and benefits the targeted recipients. He expressed concern about the potential for misappropriation and urged the president to implement strategies to safeguard the fund’s integrity.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the launch of the N200 billion intervention fund, with N75 billion allocated to MSMEs and another N75 billion to the manufacturing industry.
Oyintiloye commended the president for launching the intervention fund, recognising its potential to boost economic growth and industrial development. He highlighted the significant role of MSMEs in the economy, contributing over 45% to the GDP and employing nearly 90% of the workforce.
He believes the fund will provide MSMEs with opportunities to create jobs, contribute to GDP through domestic consumption and exports, and stimulate economic prosperity. He emphasised the importance of close monitoring to prevent sabotage and ensure the fund reaches its intended beneficiaries.
Oyintiloye also acknowledged the importance of a thriving manufacturing sector for economic growth, productivity, and competitiveness. He believes that viable manufacturing industries will lead to increased exports, infrastructure development, skill development, and tax revenue generation.
He urged Nigerians to continue supporting President Tinubu for the delivery of more dividends of democracy.