By Godfrey AKON
The Federal Government says it has disbursed approximately N58 billion to beneficiaries under its N75 billion Micro Small and Medium Enterprises, MSMEs, Survival Fund.
Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, disclosed this on Friday at the 2021 Annual Conference of the Commerce and Industry, Correspondents Association of Nigeria, in Abuja.
Katagum said the disbursement which was done across four of its five tracks of interventions namely, Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme and General MSME Grants, has yielded positive results that are verifiable and measurable.
She gave further breakdown of the disbursement as follows: “To date, 459,000 beneficiaries, under the Payroll Support have received between N90,000 – N1500,000 (representing 3 months’ salary).
“For the artisans and transport tracks, 293,000 have benefited from one-off grants of N30,000 each while 82,000 businesses have received N50,000 one-off grants under the MSME Grants.
“Under the Formalisation Scheme, 244,000 new businesses have been registered by the Corporate Affairs Commission (CAC). Approximately N58 billion has so far been disbursed directly to the above beneficiaries.”
The minister said the Guaranteed Off-take Scheme, which is the fifth track of the MSME Survival Fund Scheme has successfully taken off with 37,018 beneficiaries delivering various products ranging from foodstuff to basic household materials and over N1.1 billion, representing 30 per cent of mobilisation in respect of the delivery of products as at 24th September, 2021, has been disbursed.
She recalled that under the NESP, another N50 billion was allocated to the Export Expansion Fund/Grant under the Nigerian Export Promotion Council, NEPC.
Katagum said as part of its priority areas, her ministry has concluded arrangements to facilitate the development of one Agro-processing zone in each senatorial district of the Federation.
According to her, under the 2021/2022 budget, her ministry will roll out the development of Agro-Processing in each geopolitical zone under the first phase of the scheme.
A communique issued at the end of the conference and signed by CICAN Chairman, Mr Fredrick Idehai, said participants x-rayed the major impact of the MSME Fund and pitfalls in order to chart a better path in the future.
According to the document, data from the Industry Ministry shows that N75billion survival fund has been carried out in four segments even as a total of 174,574 persons successfully registered for the N75 billion National MSME Survival Fund and the Guaranteed Off-take Stimulus Scheme under the Nigeria Economic Sustainability Plan.
“The scheme, designed to save jobs and sustain local production amidst COVID-19, has impacted small businesses positively. The Fund was adjudged successful and recommended for extension.
“The conference welcomed the Federal Government’s assurance that it has created access to finance to boost production and foster innovation geared towards sustaining small businesses,” it said.
