FG plans MSME Survival Fund for more Nigerians. » Voice of Nigeria

August 10, 2022 Mary

FG plans MSME Survival Fund for more Nigerians.

The federal government has announced plans to reach out to more beneficiaries in the country with its Micro Small and Medium Enterprise (MSME) Survival Fund.

So far More than 1,258,183 beneficiaries have benefited from the fund launched in 2020 by the Buhari-led administration to reduce the impact of the Covid 19 pandemic, especially namely the MSMEs and the self-employed in the country.

The General Manager of the Lagos State Bank of Industry (BoI), Uche Nwachukwu, was represented at a meeting of the beneficiaries of the program in Lagos by Mr. Tola Adekunle, the Chief Operations Officer, MSME Survival Fund and Guaranteed Offtake Scheme. The Office (PDO) has worked with several partners to roll out five different tracks aimed at supporting and sustaining the lives of vulnerable and independent MMSMEs that have suffered the most from the shock of the Covid 19 pandemic , extended lockdown and social distancing guidelines.

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He praised the current government for the support given to the poor through the program, where he said that across the 36 states and the federal capital, Abuja, a total of 398,024 people received a gift of 30,000 Naira per share.

A member of the management committee, Mr. Kamar Bakrin, said that the meeting of the town is to explain the achievements of the program across the country and to get the opinions of the beneficiaries on all the ways that the program has followed.

He also pointed out that the meetings will also be a means of raising public awareness (especially the daily ones) on the benefits of the federal government. These meetings are happening simultaneously in Lagos (South-West); Kano (North-West); Enugu (South-East); and, Edo (South-South).

He added that the National Economic Sustainability Plan (NESP) approved by the Federal Executive Council (FEC) follows the need to stimulate the country’s economy after the lockdown, especially for small and medium enterprises. Businessmen and self-employed people have previously found jobs. by creating production opportunities for MSMEs and providing conditional support to struggling businesses and private individuals who are struggling to pay wages after COVID 19.

“A management committee has been launched that will manage the system and set standards for public relations. The management committee worked directly with the State Government appointed staff who acted as liaisons to ensure the inclusion of MMEs in their States,” he said.

He pointed out that the impact of the program is to directly create 100,000 jobs in the production sector alone and save at least 1.3 million jobs.

He explained that the program provides 45 percent of MSC for women, and 5 percent for those with special needs, saying that the beneficiaries of the program are self-employed entrepreneurs and small businesses. It is registered in Nigeria. .

“The Project Delivery Office (PDO) launched a verification and approval platform, and beneficiaries in the 36 States and the FCT have been invited to apply through the Life Support Fund. The application is verified in accordance with the approved work criteria: Nigerian citizenship, registration in Nigeria with the Chamber of Commerce (CAC), BVN of the business owner and strength of employees not exceeding 3.

He pointed out that the implementation of the Survival Fund in all five ways has produced positive results. The tracks are Income Support Scheme, Vocational and Transport Scheme, Structural Support Scheme, General MSME Subsidy Scheme, and Subsidy Scheme.