Minister of State, Federal Ministry of Industry, State and Investment, Mariam Katagun, has asked leaders of trade Associations and business membership organizations to ensure they are transparent in the selection of members that will benefit in the ongoing Micro, Small and Medium Enterprises, MSME survival fund.
Katagun, who spoke in Enugu, during a Town Hall Meeting to sensitize relevant stakeholder on their roles in creating awareness about the FG’s MSMS support programs, also tasked the leaders on the need to ensure active participation of their members in the fund.
Katagun who was represented by a member of the Steering Committee of the MSMS survival fund, STEERCO, Ubadigbo Okonkwo, said that participation in the programme was absolutely free and on a first come, first served basis.
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He said President Muhammadu Buhari had approved the Nigerian Economic Sustainability Plan, NESP to help cushion the adverse effects of the COVID-19 pandemic.
He explained that at the core of the NESP are the MSME survival Fund and the Guaranteed Off-take stimulus schemes, which are designed to boost the Nigerian economy by saving jobs and supporting vulnerable micro and small enterprises.
“The survival fund is designed to save over 1 million, seven hundred jobs and female owned MSMEs will constitute 45% of the total number of beneficiaries while special needs owned MSMEs will constitute 5%” he said.
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He noted that the steering committee had commenced the implementation of various components of the schemes, including the Payroll Support for MSMEs, Artisans/Transport grants, formalization support and general MSME grants and guaranteed offtake scheme.
“The scheme and other schemes under the Survival fund initiative are grants and entirely free. You do not have to know anybody to participate”. He said, adding that members can visit Enugu SME center to register.
On her part, State Manager of the Bank of Industry, BOI, Anwuli Adaeze who represented the regional Manager, said that the first phase of the programme, the Payroll Support Scheme, which saw the Federal Government assist MSMEs to pay the salaries of their workers, had been concluded and the Second just begun.
She said Enugu State is part of the Second stream which is the Guaranteed Offtake Scheme that will enable businesses to carry on with their operations in the current conditions.
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In the second phase, 100,000 small scale businesses will receive a ₦50,000 grant even as One-off grants of ₦30,000 each will be disbursed to artisans, electricians, plumbers, and transport businesses (bus drivers, taxi drivers, rideshare such as Uber and Bolt drivers, and mechanics).
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