Business News

MSME survival fund: FG disburses over 56.8bn to beneficiaries


By Felix Khanoba

The Federal Government has so far disbursed over N56.8 billion to beneficiaries of its Micro, Small and Medium Enterprise (MSME) Survival Fund.

Minister of Industry, Trade and Investment, Mariam Katagum, disclosed this at the flag-off of Guaranteed Off-Take scheme on Tuesday in Abuja.

She said the Guaranteed Off-take Scheme is one of the last tracks of the MSME Survival Fund Scheme under the Nigeria Economic Sustainability Plan (NESP).

According to the minister, the implementation of the MSME Survival Fund across the initial four tracks – Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme and General MSME Grants have all yielded positive results.

“Under the Payroll Support Scheme, our initial target was to reach 500,000 beneficiaries. Our current standing is put at 459,334 successful beneficiaries across the 36 States and the FCT. Out of this number, we have recorded 43% female-owned businesses and 3% special needs.

“The Artisan and Transport Scheme had an initial target of 333,000 Artisan and Transport beneficiaries. We currently stand at 293,336 successful beneficiaries across the 36 States and the FCT.

” The CAC Formalization Support Scheme set out to register 250,000 new businesses and I can report that to date, 244,162 small and growing enterprises have been successfully registered free of charge, across the 36 States and the FCT.

” Also, the General MSME Grants Scheme had its initial target set at 100,000 MSMEs and we have successfully completed the provision of grants to a total of 82,491 till date.

” To date we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 (including those registered under CAC),” she said.

Speaking further, Katagum said the Guaranteed Off-take scheme was conceived as part of the Federal Government’s interventions to assist small and growing businesses that were negatively affected by COVID-19 pandemic.

” It is important to inform you at this point that this track had an initial target of 100,000 MSMEs across the country. By the time the portal closed, we had received a total of 65,976 applications across the country out of which we have verified and pre-qualified 50,032 MSMEs that we are presently processing to off-take their products, ” she said.

Also speaking, MSME Survival Fund Project Coordinator, Tola Adekunle Johnson said a total of 50,032 applicants have been pre-qualified and approved by the Steering Committee to proceed to the next stage.

He said the applicants will receive text messages and email requiring them to return to MSME Survival Fund Portal to complete their documentation.

“Applicants will have three days from the time they get the SMS/Email to log in and electronically complete all necessary documentation. This includes selection of a Warehouse or Collection Point closest to them for delivery.

” Applicants can accept to move ahead or decline to cancel their application. Once the documentation is completed, it cannot be reversed.

” Applicants are encouraged to print a copy of their completed documentation from the Portal. This will be used to verify supply details at the Warehouse/Collection Point.

” The total value of each Grant is N100,000. Applicants who successfully return to the portal to complete their documentation will receive N30,000 fee to commence production of their selected item.

“Applicants’ have 14days to complete production and deliver to their selected Warehouse/Collection Point.

” Applicants who successfully complete their documentation process will receive N30,000 as mobilization fee to produce and deliver items to their selected Warehouse/Collection Point. Upon successful delivery of items, the applicant will receive the balance of N70,000, ” he said.

Related Posts

Leave a Comment

This News Site uses cookies to improve reading experience. We assume this is OK but if not, please do opt-out. Accept Read More