• Tuesday, July 16, 2024
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COVID-19: FG set to roll out last 2 components of MSME Survival Fund to revive economy

As part of measures to cushion the negative impact of the coronavirus on the economy, the Federal Government on Thursday said it has readied plans to roll out the last two components of its Micro Small and Medium Enterprise, MSME Survival Fund.

The Minister of State for Industry, Trade and Investment and Chairperson Steering Committee of the Scheme, Mariam Yalwaji Katagum made this known while speaking with newsmen in Abuja.

Mariam Katagum said the last two components of the Fund as approved under the Economic Sustainability plan of the federal government are Guaranteed Off Take Scheme and General MSMEs Grant.

She explained that the steering committee approved the implementation of the two schemes in five distinct parts namely:the payroll support scheme, formalisation support scheme,general MSMES grant and general offtake grants

According to the Minister , the portal for registration for the scheme which will open next week is to further cushion the effects of COVID 19 pandemic.

She explained further that the Guaranteed Off Take Scheme was to stimulate direct local production by enabling 100,000 MSMEs in the production sector with funds to produce post COVID lock down stimulus products.

The Minister noted that the products were face masks, hand sanitizer, liquid soap, disinfectant and processed foods.

Mariam Katagum said the General MSME grant was meant to give a one off fifty thousand naira grant to 100,000 MSMEs to further boost their production and stimulate the growth of small scale businesses in the country.

Also in his remark, the Senior Special Assistant to the President on MSMEs, Office of the Vice President, Tola Johnson reiterated the commitment of the Federal Government towards improving small scale businesses in the country.

Johnson who is the Coordinator of the Project cautioned Nigerians against fraudsters that may want to take advantage of the Survival Fund adding that nobody should pay anything as the registration for the scheme is free.