Abuja enterprise agency receives 10,000 applications for N-CARES programme

The Abuja Enterprise Agency (AEA) has garnered an impressive response, receiving more than 10,000 applications from Small and Medium Scale Enterprises (SMSEs) in the Federal Capital Territory.

This surge in interest is attributed to the World Bank-supported Nigeria COVID-19 Action Recovery Plan and Economic Stimulus (N-CARES) programme.

Revealing this information was Mr Chudi Ugwuada-Ezirigwe, the acting Managing Director and Chief Executive Officer of the agency, during a one-day training session held in Abuja for 1,000 selected SMSEs participating in the N-CARES programme.

The N-CARES initiative, launched by the World Bank in 2020, aims to alleviate the adverse impacts of the COVID-19 pandemic on Nigerian businesses by providing support funds for the recovery of SMSEs.

Ugwuada-Ezirigwe highlighted the agency’s commitment to a thorough and consistent implementation of the intervention across the six Area Councils of the territory.

Following weeks of intensive sensitization, the agency meticulously assessed the applications, ultimately selecting over 1,000 SMSEs for the training.

Emphasizing the significance of the grants, Ugwuada-Ezirigwe urged beneficiaries to utilize them in accordance with World Bank standards, cautioning against treating the funds as discretionary income.

He underscored the critical role played by SMSEs in driving economic growth, aligning with the administration’s commitment to prioritizing their development under President Bola Tinubu.

Hajiya Hauwa Zambuk, the Lead Operations of FCT-CARES, encouraged beneficiaries to leverage both the training and financial support to rejuvenate and expand their businesses for greater returns.

Expressing gratitude, Mr Wilson Ameh, one of the beneficiaries, commended AEA, the FCT, Federal Government, and the World Bank for the support.

He expressed confidence that the assistance would catalyze a positive transformation in their businesses and enhance their overall quality of life.

The training provided valuable insights into financial literacy, access to loans, and strategies to address challenges commonly associated with SMSEs.

This initiative signifies a collaborative effort to empower and uplift the entrepreneurial landscape in the Federal Capital Territory.

(NAN)