The Abuja Enterprise Agency (AEA) has received more than 10,000 applications from Small and Medium Scale Enterprises (SMSEs) in the Federal Capital Territory for FCT-CARES.
FCT-CARES is the FCT segment of the World Bank-assisted Nigeria COVID-19 Action Recovery Plan and Economic Stimulus (N-CARES) programme.
Acting Managing Director, AEA, Chudi Ugwuada-Ezirigwe, said this at a one-day training of 1,000 SMSEs for the programme in Abuja on Wednesday.
Ugwuada-Ezirigwe explained that the N-CARES programme was introduced by the World Bank in 2020 to mitigate the adverse effects of COVID-19 on businesses in Nigeria, through a support fund to facilitate recovery of SMSEs.
“After weeks of intensive sensitisation across the six Area Councils, the Agency received over 10,000 applications, out of which, over 1,000 SMSEs were selected for training,” he said.
“The beneficiaries were selected after a painstaking process in line with the World Bank criteria,” he added.
The Managing Director urged the beneficiaries to use the grants in stimulating their businesses in line with World Bank standards; warning against using the funds as pocket money.
Ugwuada-Ezirigwe described SMSEs as one of the major drivers of economic growth and development across the world; adding that the President Bola Tinubu-led administration was prioritising SMSEs development in the country.
Lead, Operations, FCT-CARES, Hauwa Zambuk, earlier charged the beneficiaries to take advantage of the training and the financial support to rebuild and expand their businesses.
One of the beneficiaries, Wilson Ameh, who spoke on behalf of other beneficiaries, commended the AEA, FCT Administration, Federal Government and the World Bank for the support, assuring they would turn their businesses around and improve their quality of life.
They were trained on financial literacy, access to loan, and how to address challenges associated with SMSEs amongst others.
