Federal government yesterday launched a Medium Small and Micro Enterprises (MSMEs) Survival Fund and Guaranteed Off-take Stimulus that is worth N75 billion to support Nigerian artisans and transporters in their businesses.
The support package has in mind 9,009 beneficiaries from each of the 36 states alongside the Federal Capital Territory and targets properly registered and recognised associations capable of lending credence to the efficiency and openness of the scheme, said the Minister of Industry Trade and Investment, Miriam Katagum, who anchored the launch in Abuja.
According to Katagum, the palliative is intended to mitigate income loss for small businesses hobbled by the economic turbulence of the coronavirus pandemic, the financial aid will offer N30,000 to every beneficiary and give priority to 45 per cent MSMEs owned by women and 5 per cent MSMEs owned by people of special needs.
“One-off payment of N30,000 will be given as grant to each beneficiary. The categories of self-employed individuals eligible to participate in this track of the Survival Fund Scheme include mechanics, taxi drivers, ride share drivers. Others include hairdressers, ‘Keke NAPEP’ riders, Okada riders, plumbers and electricians,” Katagum said.
Speaking further on the initiative, the minister added that application for registration of 250,000 new businesses with Corporate Affairs Commission, which will be free for MSMEs, opens on Monday.
“The Federal Government will pay CAC N6,000 for each registration and this is under the formalisation support and it is for all MSMEs that require formalization, Katagum continued.