In a plea to President Bola Tinubu, Olatunbosun Oyintiloye, a prominent member of the All Progressives Congress (APC), has emphasized the need for thorough supervision of the recently launched N200 billion presidential intervention fund designated for Micro, Small, and Medium Scale Enterprises (MSMEs) and manufacturers across the nation.
Speaking to journalists in Osogbo on Sunday, Oyintiloye underscored the importance of monitoring to guarantee the fund’s effectiveness in achieving its intended goals.
He referenced the announcement by Minister of Industry, Trade and Investment, Doris Uzoka-Anite, regarding the establishment of the N200 billion presidential intervention fund tailored for MSMEs and manufacturers.
Under this fund, Uzoka-Anite explained that N75 billion would be allocated to MSMEs, while another N75 billion was earmarked for the manufacturing sector.
Oyintiloye stressed the necessity of safeguarding the fund against misuse by ensuring that all required measures were enforced to ensure the various presidential intervention programs positively impacted the lives of Nigerians.
He advocated for the establishment of a monitoring team by the president to prevent any subversion of the process.
While acknowledging the president’s initiative in launching the intervention fund, he praised its potential to enhance economic growth and industrial advancement at all levels.
The APC leader highlighted the significance of MSMEs in fostering economic prosperity at the grassroots and generating a ripple effect on the overall economy, mentioning that focusing on this sector with an intervention fund was a step in the right direction.
He alluded to the vital role of MSMEs, constituting over 45% of the country’s GDP, with the majority falling within the micro category. These enterprises also account for nearly 90% of the nation’s employment opportunities.
By enabling MSMEs, the backbone of the economic framework, to flourish and create more jobs, Oyintiloye believed there would be a substantial impact on poverty reduction.
He emphasized that the growth of MSMEs leads to job creation, fosters innovation, drives economic expansion, and facilitates diversification, ultimately contributing to enhanced economic stability and security across the country.
Underscoring the importance of vigorous monitoring in fund allocation, he commended the president for the initiative while urging for rigorous integrity checks to prevent any form of disruption in the process.
Additionally, he noted that the intervention fund would bolster the manufacturing sector in Nigeria, asserting that a robust industrial foundation was essential for any modern economy’s advancement.
By establishing thriving manufacturing industries, the nation could experience elevated growth, productivity, and competitiveness, resulting in increased exports, infrastructure enhancement, skill development, and a broadened tax base generating higher revenues from both manufacturers and their workforce.
Oyintiloye concluded by urging Nigerians to continue supporting the president to ensure the delivery of more democratic dividends.