The Small and Medium Enterprises Development Agency of Nigeria has allocated a total of N6.2bn in its 2024 budget for empowerment programs, specifically the purchase of motorcycles and tricycles for Nigerian youths and women.
Notably, this decision persists despite a ban, either full or partial, imposed by 12 state governments and the Federal Capital Territory due to concerns about rising insecurity.
These states, including Cross Rivers, Kaduna, Enugu, Akwa-Ibom, Kano, Rivers, Abia, Anambra, Adamawa, Borno, Kwara, and Zamfara, have implemented the embargo on motorcycle operations.
The agency, tasked with supporting small and medium-scale enterprises in overcoming various challenges, is committed to empowering through substantial investments.
Apart from motorcycles and tricycles, the agency plans to spend N5bn on official vehicles for traditional rulers in the six geopolitical zones and allocate N440m for the construction of two link roads in Enugu State.
The budget also reveals intentions to provide keke napep to the underprivileged across the 36 states (N2.53bn), tricycles in eight local governments of Sokoto North Senatorial District (N500m), and motorcycles for youths in Okija, Anambra state (N50m).
Additionally, SMEDAN has earmarked N3bn for motorcycles, motor vehicles, and keke napep for women and youths in the northwest geopolitical zones, along with N100m for keke napep in seven LGAs of the Southern Senatorial District in Cross Rivers.
The budget allocates N1bn for office building construction and N3m for rent payment, despite the commissioning of its headquarters in Jabi on December 20, 2023.
During the unveiling, Vice President Kashim Shettima emphasized the strategic focus of the administration on job creation, capital accessibility, economic growth, and poverty eradication to revamp the economy.
This aligns with President Bola Tinubu’s commitment to protecting enterprises, reflecting the core elements of the economic revitalization plan. Shettima acknowledged the necessity of tough decisions in pursuit of success on this path.
