FG disburses N27bn from MSMEs Survival Fund

…Last scheme portal opens Feb. 9

The Federal Government has announced the disbursement of N27 billion to Micro-Small and Medium Enterprises, (MSMEs), as part of the MSMEs Survival Fund scheme.

This disclosure was made by the Minister of State, Industry, Trade and Investment, Amb. Mariam Katagum, who is also the Chairperson, Steering Committee, MSME Survival Fund and Guaranteed Off-Take Schemes (GOS), while briefing newsmen on Thursday, in Abuja.

This is as the government has concluded plans to roll out the last 2 schemes that make up the MSMEs Survival Fund, namely: ‘the Guaranteed Off-take Stimulus Scheme and the General MSMES Grant’.

The Minister explained that the purpose of GOS is to stimulate direct local production, by enabling 100,000 MSMEs in the production sector with funds to produce post-Covid lockdown stimulus products.

While pointing out that the scheme would give preference to products produced in reasonably sufficient volumes in each State of the Federation, Katagum said that the product must be able to create jobs and have a multiplier effect on the surrounding economy.

She listed some of the products of interest to the Federal Government to include: face masks, hand sanitisers, liquid-soaps, disinfectants and processed foods.

The MSME Survival Fund, which is part of the N2.3tn stimulus package of the Nigeria Economic Sustainability Plan, was introduced by the Federal Government as part of efforts to help businesses overcome challenges posed by the Covid-19 pandemic.

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