Nigeria Invests N37bn to Boost MSME

The federal government claims it has invested N37 billion on supporting the survival fund system for micro, small and medium enterprises (MSME).
The project is part of the Economic Sustainability Strategy for (NESP), established by a committee led by Vice Yemi Osinbajo.
The government declared that the survival fund platform for the assured off take stimulus scheme and the general MSME grant will open yesterday.
The N37bn covered schemes such as N50,000 payroll assistance for over 300,000 recipients, one-time grants of N30,000 to over 100,000 artisans, and 100,000 registrations of the Corporate Affairs Commission (CAC) business name, according to a statement released by Laolu Akande, spokesperson to the vice president.
Akande clarified that ministers and heads of government agencies had submitted reports to Osinbajo at a meeting of the economic sustainability committee on Monday.
He said Central Bank of Nigeria (CBN) Godwin Emefiele announced the intervention schemes of the bank, such as the disbursement of more than N192 billion household grants and MSME grants to 426,000 recipients with plans to do over N100 billion more.
Emefiele also said that there were ongoing grants of concessionary loans ranging from N150,000 to N2.5 million under the collateral-free agricultural business and small & medium enterprise investment scheme.
In that category, more than N106 billion was disbursed to over 27,000 beneficiaries, the governor said.
“In the agric sector, Agriculture and Rural Development minister, Alhaji Sabo Nanono, also reported that under the ESP, a total of 5.4 million farmers have now been enumerated to get the support under the plan,” the statement read.
“He added that for the enumeration which involved geospatial tagging, almost 73,000 N-Power volunteers were trained and 30,000 of them deployed to 774 local government areas.
“For the purposes of funding through the CBN, the minister disclosed that 2.9 million of the farmers have had their BVN enrolment validated.
“Also, the clearing of 3,200 hectares of land for farming is ongoing in several states including Edo, Plateau, Ekiti, Cross River, , , Kwara, and States while rural road constructions have reached about 28 per cent completion covering 344km, linking about 500 markets across the country.”

Related Articles

Leave a Reply

Back to top button