Okay Nigeria understands that move was to increase the number of registered Micro, Small and Medium Enterprises (MSMEs).
Vice-President Yemi Osinbajo disclosed this information while speaking at the first quarter MSMEs stakeholders’ meeting held at the State House on Monday.
Business registration increased from 54,000 to 163,000 since the 50% discount window opened 6 months ago, Osinbajo disclosed in a reports made available by Laolu Akande, special assistant to the VP on media and publicity.
The vice president also ordered the Standard Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC) to speedily harmonise issues relating to overlapping responsibilities for product registration.
“Having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs, we need to address this issue as quickly as possible,” Osinbajo also directed relevant government agencies to speedily come up with better funding strategies for small businesses in the country at the stakeholders meeting.