April 12, 2024

News Extra

Going Extra Miles for excellent reportage

FG To Rollout Last Two Schemes Of MSMEs Survival Fund

3 min read

The Federal Government has concluded plans to kick start the last two schemes of the MSMEs Survival Fund component of the National Economic Sustainability Plan (NESP).

The schemes are namely, the Guaranteed Offtake Scheme (GOS) and the General MSMEs Grant.

In a media briefing on Thursday, the Minister of State Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum said the two new schemes is to complement other programmes all geared to rejuvenate the nation’s economy.

According to the Minister, the two new schemes will launch at 11:59pm on Tuesday, 9th February, 2021 to Thursday, 18th February, 2021 for applications from MSMEs who wish to benefit from the Guaranteed Offtake Scheme (GOS) and General MSME Grant.

She noted that the purpose of all the schemes packaged in the NESP is to stimulate direct local production by enabling 100,000 MSMEs in the production sector with funds to produce post COVID lockdown stimulus goods.

The Minister of State asserted that only registered MSMEs with varying documents of registration after complying with the prescribed criteria.

“So far, the implementation of the Survival Fund is progressing steadily with the activation of three tracks across the country (Payroll Support Scheme, Artisan and Transport Scheme, and Formalization Support Scheme). The Payroll Support Portal was reopened for 30 States that have not met their quota in the initial stage of the programme between 27th, January – 2nd February, 2021.

“It is important to note that the purpose of Guaranteed Offtake Scheme (GOS), is 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 Scheme will give preference to products produced in reasonably sufficient volumes in each State of the Federation, which have the proven propensity to create jobs and have a multiplier effect on the surrounding economy.
The products are: Face Masks, Hand sanitizer, Liquid Soap, Disinfectant and Processed Foods

“Participating MSMEs are also required to fulfill the following criteria: CAC registration with at least a Business Name Certificate, Verifiable BVN and Bank Account Number, Have a minimum of 2 employees and Readiness to produce under NAFDAC and SON specifications.”

The Minister of State, Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum explained further that “The General MSME Grant is meant to give a one-off N50, 000 grant to 100,000 MSMEs who do not meet the qualification of the Payroll Support or Guaranteed Offtake Scheme. A one-off grant of N50, 000 will be given to each qualified MSME as direct cash injection into their business.”

President of MSMEs in the office of the Vice President, said that a total of 100,000 businesses across the 36 states and FCT would benefit from the new schemes.

The Special Assistant to the President on MSMEs and the Project coordinator of the Schemes, Mr. Tola Johnson said that for the Guaranteed Off- take scheme, 2,640 businesses will benefit from 34 states while Abia state would get 3,080 beneficiaries, Kano 3,280 and Lagos 3,880 beneficiaries.

He said that the same allocation would also be utilised for the General MSMEs grant.

Johnson added that the portal for the GOS would be opened for two weeks while the portal for the grant would be opened for one week.

He said that to qualify, businesses must be registered in the Corporate Affairs Commission (CAC), must be owned by a Nigerian and must have a minimum of two staff.

He, however, stressed that the disbursement would be on a first-come first-served basis.

About The Author

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © All rights reserved. | Newsphere by AF themes.