More Nigerians will benefit from the FG’s MSME Survival Fund.
The Micro Small and Medium Enterprise (MSME) Survival Fund will now be extended to additional people throughout the nation, according to plans made public by the federal government.
So far The fund established in 2020 by the Buhari-led government to lessen the effects of the Covid 19 epidemic has helped more than 1,258,183 people, mostly the MSMEs and self-employed in the nation.
Mr. Tola Adekunle, the Chief Operations Officer, MSME Survival Fund and Guaranteed Offtake Scheme, attended a meeting of the program’s beneficiaries in Lagos on behalf of the general manager of the Lagos State Bank of Industry (BoI), Uche Nwachukwu. The Office (PDO) has collaborated with a number of partners to implement five distinct tracks with the goal of assisting and maintaining the lives of independent and weak MMSMEs who have been worst hit by the shock of the Covid 19 outbreak, prolonged lockdown, and social distancing rules.
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He thanked the present administration for the assistance provided to the underprivileged via the initiative, noting that a total of 398,024 persons got a gift of 30,000 Naira each share throughout the 36 states and the federal capital of Abuja.
According to Mr. Kamar Bakrin, a member of the management committee, the purpose of the town meeting is to discuss the program’s successes nationwide and to solicit feedback from the beneficiaries on all the steps it has taken.
He said that the public understanding of the advantages of the federal government will also be increased via the meetings, particularly the daily ones. At the same time, these sessions are taking place in Lagos (Southwest), Kano (Northwest), Enugu (Southeast), and Edo (South-South).
He continued by saying that the Federal Executive Council’s (FEC) approval of the National Economic Sustainability Plan (NESP) reflects the necessity to revive the nation’s economy after the lockdown, particularly for small and medium-sized businesses. By providing MSMEs with production possibilities and conditional help to struggling enterprises and private persons who are having trouble paying their employees’ salaries following COVID 19, businessmen and self-employed people have previously found employment.
“A management committee has been established to oversee the procedure and establish criteria for public relations. To secure the participation of MMEs in their States, the management committee worked closely with the staff members nominated by the State Government who served as liaisons, he added.
He emphasized that the initiative would immediately result in the creation of 100,000 jobs in the production sector alone and the preservation of at least 1.3 million jobs.
He clarified that the program offers 45% of MSC for women and 5% for those with special needs, adding that the program’s beneficiaries include independent contractors and small enterprises. It has a Nigerian registration.
Beneficiaries in the 36 States and the FCT have been encouraged to apply via the Life Support Fund after the Project Delivery Office (PDO) developed a website for verification and approval. The application is examined to see whether it meets the requirements for the job, which include having Nigerian citizenship, being registered with the Nigerian Chamber of Commerce (CAC), having the company owner’s BVN, and having no more than three workers.
He emphasized that the Survival Fund’s deployment in all five modalities had led to fruitful outcomes. The tracks are the Income Support Program, the Vocational and Transportation Program, the Structural Support Program, the General MSME Subsidy Program, and the Subsidy Program.
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