FCTA Disburses N325m To Support 1,600 MSMEs

The Federal Capital Territory Administration (FCTA) has disbursed financial support worth over N325m to over 1,600 Micro, Small, and Medium Enterprises (MSMEs) in the territory to support the payment of credit facilities, meet operational costs and acquire technological enhancements.

The permanent secretary of FCTA, Adesola Olusade, who made this known yesterday at the 4th Abuja SME Expo organised by the Abuja Enterprise Agency, said a subsequent disbursement of the $3.5M support package would be made within the two-year timeline of the project.

Olusade said the FCT Administration would sustain the tempo of their intervention in the MSME sub-sector towards creating opportunities for the women, youths and all residents of the FCT in line with the Renewed Hope Agenda of President Bola Tinubu which seeks to accelerate economic development by creating opportunities and fostering job creation.

He said currently, they are working with partners to create market linkage opportunities for the MSME sub-sector, that their approach would enhance institutional synergy which would deepen the impact of all stakeholders in the entrepreneurial ecosystem.

“FCTA is dedicated to bettering the living standards of residents in the Federal Capital Territory (FCT) by creating opportunities through infrastructural development and socio-economic programmes. We believe that this will lead to a more inclusive society where everyone is given the enabling environment to succeed.

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“We are putting measures to advance the growth of the Micro, Small and Medium Enterprises (MSMEs) sub-sector thus improving the general well-being of residents of the FCT. One of such measures is the harmonization of taxes and levies in the FCT.

“When concluded the harmonisation of taxes and levies will eliminate the incidence of multiple taxation, thus reducing the operational cost of MSMEs and increasing their profitability,” he said.

Earlier, in his opening remarks, the acting managing director/CEO of Abuja Enterprise Agency, Chudi Ugwuada-Ezirigwe, said the development of MSMEs was an essential element in the growth strategy of most economies as it holds particular significance for economic development.