A chieftain of the ruling All Progressives Congress in Osun State Olatunbosun Oyintiloye, has lauded President Bola Tinubu for the N200 billion Presidential Intervention Fund recently launched for Micro, Small and Medium Scale Enterprises and manufacturers in the country.

Oyintiloye, who stated this on Sunday while addressing newsmen in Osogbo, the Osun State capital, equally advised the President to monitor the distribution of the funds to meet the required targets.

The Federal Government, through the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, on April 22, announced the launch of the Fund.

(https://punchng.com/fg-unveils-n200bn-intervention-fund-for-msmes-manufacturers/)

However, Oyintiloye, while harping on the economic contributions of MSMEs to the nation’s Gross Domestic Product, urged Tinubu to “personally” carry out “integrity checks on the process to prevent sabotage.”

He said, “By creating jobs, MSMEs help to reduce unemployment rates, promote innovation, stimulate economic growth and diversification.

“And that is the more reason we have to give it to the President for this initiative. It will in no small way boost the economy through the creation of open new markets because MSMEs are vital to the economic growth of any nation. But there must be a close watch on the distribution of the funds. The President must ensure that he is personally carrying out integrity checks on the process to prevent sabotage.”

The APC chieftain added that “MSMEs contribute over 45 per cent to the country’s Gross Domestic Product (GDP), with 98.8 per cent of them in the micro cadre.

“They account for nearly 90 per cent of the jobs in the country.

“Therefore, as MSMEs grow, they create more jobs, contribute to GDP by producing goods and services for domestic consumption and export, which will lead to prosperity for more, and less insecurity across the country.”

Oyintiloye, a former lawmaker and a former member of the defunct APC Presidential Campaign Council, said that the intervention fund would also boost the manufacturing industries in the country, adding that no modern economy could be developed without a strong industrial base.

He, however, urged Nigerians to continue to support the President for the delivery of more dividends of democracy.