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SME Survival Fund: FG releases N66bn to 1.3m beneficiaries

The federal government, through the MSME Survival Fund and Guaranteed Offtake Scheme, has disbursed the sum of N66,000,020,000.00 directly to 1,258,183 beneficiaries (including those registered…

The federal government, through the MSME Survival Fund and Guaranteed Offtake Scheme, has disbursed the sum of N66,000,020,000.00 directly to 1,258,183 beneficiaries (including those registered by CAC).

The Fund, under the Nigeria Economic Sustainability Plan (NESP), headed by the Vice President, Prof. Yemi Osinbajo, was implemented in 5 different tracks and was meant to support and sustain the livelihood of vulnerable MSMEs and self-employed individuals most affected by the shock of the COVID-19 Pandemic.

The Minister of State for Industry, Trade and Investment, Amb. Mariam Y. Katagum, disclosed this at a town hall meeting in Abuja on Tuesday to highlight the Scheme’s achievements.

She explained that Fund was to stimulate the economy post lockdown, especially for small and medium-scale businesses and self-employed individuals previously gainfully employed, by creating production opportunities for MSMEs and providing conditional grants to distressed businesses and self-employed individuals who have been strained with payment of salaries during COVID 19.

She further explained that the “Anticipated impact of the programme was to directly engage 100,000 MSMEs in the production sector alone and save at least 1.3 million jobs. The programme set a special target of 45% female-owned MSMEs, and 5% for those with Special Needs. The target beneficiaries for the scheme were self-employed entrepreneurs, and micro and small businesses registered in Nigeria.”

Giving the breakdown for the North Central, she said 236,172 beneficiaries from the zone received N12,174,550,000.00.