Survival Fund: FG rolls out Guaranteed Off-take, general MSMEs grant

By Felix Khanoba 

The Federal Government says it is set to roll out the last two components of the Micro, Small and Medium Enterprises (MSMEs) Survival Fund known as the Guaranteed Off-take Scheme (GOS) and General MSMEs Grant. 

Minister of State for Industry, Trade and Investment, Mariam Katagum, made this known while briefing newsmen on Thursday in Abuja. 

Recall that President Muhammadu Buhari on the 1st of July 2020 approved the National Economic Sustainability Plan (NESP) to chart a better path for the economy and cushion the effect of COVID-19 on businesses. 

The minister said two of the components approved under the plan are the MSMEs Survival Fund and Guaranteed Off-take Scheme. 

Katagum, who chairs the Steering Committee on Survival Fund, said the body approved the implementation of the two schemes in five distinct parts namely; the Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme, General MSMEs Grant and the Guaranteed Offtake Scheme. 

 “As part of efforts of the Federal Government to build on the successes recorded in the implementation of the other components of the Scheme and in line with the plan to fully rejuvenate the economy especially Micro, Small and Medium Enterprises (MSMEs) the Federal Government is set to roll out the last two components of the MSME Survival Fund known as the Guaranteed Off take Scheme (GOS) and General MSMEs Grant. 

“Under these two components, the portal will open from 11:59pm on Tuesday, 9th February 2021 to Thursday 18th February 2021 for the Guaranteed Off take Scheme (GOS) and General MSME Grant Applications.  

“All interested MSMEs can go directly to the Portal and register for either of the Schemes free of charge. 

“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.”

The minister the target beneficiaries are MSMEs registered in Nigeria and owned by Nigerians, adding that they will get patronage from the government via procurement of products with a value of N150, 000 per business entity.  

“Participating MSMEs are also required to fulfill the following 

CAC registration with at least a Business Name Certificate,     Verifiable BVN and Bank Account Number, Have a minimum of  employees –Readiness to produce under NAFDAC and SON specifications…

” 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,” she added.

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