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Makinde inaugurates N1bn SMEs development scheme

The Governor encouraged all of the beneficiaries to make judicious use of the loans.

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Seyi Makinde, Governor Makinde directs the employment of 5000 youths

As part of plans to hasten the economic recovery of businesses in Oyo state, the state Governor, Seyi Makinde, has inaugurated a N1billion Micro, Small and Medium Enterprises (MSMEs) Development Scheme.

This intervention scheme is expected to stimulate the local economy of the state, and kick off the post-COVID-19 economic recovery plans.

The News Agency of Nigeria (NAN) reported that Makinde presented cheques to some beneficiaries on Friday.

While carrying out the symbolic presentation of cheques to some of the beneficiaries, the governor said that the scheme would not only stimulate the economy of the state, but create more jobs for its teeming youths and make owners of small and micro businesses to be self-reliant.

READ MORE: FG grants new MSMEs 80% discount on NAFDAC registration

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He encouraged all of the beneficiaries to make judicious use of the loans, by abstaining from ventures and activities that could ruin their businesses, and driving profitable structures and strategies.

According to NAN, the beneficiaries received various sums. For instance, Olarinde Olakunle received N2.5 million, while Ruth Adeniji and Taofeeq Oladimeji received N3 million each.

Olarinde Olakunle, who spoke on behalf of all the beneficiaries, thanked the government for the loan and promised that it would be put to judicious use.

READ MORE: Female entrepreneurs get N26 billion BOI loans 

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Other state governments have equally rolled out intervention packages for MSMEs in their states, as part of efforts to strengthen the local economy in preparation for the post-COVID-19 economy.

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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The FG in partnership with the private sector will continue to support MSMEs – Osinbajo

Osinbajo has stated that the FG in partnership with the private sector would continue to provide interventions to boost the growth of small businesses.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

Nigeria’s Vice-president Prof. Yemi Osinbajo during an MSME stakeholders’ meeting, disclosed that the Federal Government in partnership with the private sector would continue to provide interventions to boost the growth of small businesses across the country.

According to a press statement issued by Laolu Akande, the VP made this statement on Monday at the first meeting of MSMEs stakeholders for the year 2021.

Prof. Osinbajo said the Government would continue to support innovation and interventions to deepen the involvement of new and existing MSMEs in the nation, this he said would help to improve the economy and create more employment opportunities for Nigerians.

He stressed further that the implementation of the Economic Sustainability Plan Survival Funds has sent positive economic signals. In a bid to complement the gains in this space, the Government needs to scale up interventions in the MSMEs sector.

In this vein, Osinbajo urged stakeholders in the public and private sectors at the virtual meeting to be innovative in the interventions planned for small businesses across the country, so as to consolidate on the gains recorded in the MSMEs space in the past few years.

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What they are saying

Prof. Yemi Osinbajo, during the MSME stakeholders’ meeting, said:

“We must continue to be innovative in the interventions that we plan for MSMEs because small businesses are the engines of growth of any economy, in the areas of wealth creation and employment opportunities, MSMEs are very important.”

Continuing, Prof. Osinbajo said:

“We really have to think out of the box in our engagements going forward. We need to change the way we do many things, we need to look for ways of multiplying our efforts because the challenges in this space are greater than what we have been able to achieve so far. Of course, we have done a lot, but looking at the numbers in need, you will find out that there is a lot more to be done.”

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What you should know

  • The Federal Government’s MSMEs Survival Fund grant scheme, which includes Payroll Support, Artisans and Transport support tracks, is a component under the Nigerian Economic Sustainability Plan, NESP.
  • The Survival Fund scheme was designed to cushion the economic effects of the COVID-19 pandemic especially on the most vulnerable small businesses, is a conditional grant to support vulnerable MSMEs in meeting their payroll obligations and safeguard jobs in the MSMEs sector.
  • The scheme is estimated to save not less than 1.3 million jobs across the country. However, 283,023 Nigerians employed by MSMEs across the country have benefited from the Payroll Support Scheme. This leaves millions of Nigerians out of the consideration of the scheme.

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MSME

283,023 Nigerians employed by MSMEs have benefited from FG Payroll Support Scheme

The FG has revealed that over 200,000 persons have so far benefited from its Payroll Support Program.

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Nigerian MSMEs suffer negative impact of COVID-19

The Federal Government of Nigeria has disclosed that 283,032 Nigerians employed by MSMEs across the country have so far benefited from the Payroll Support Scheme of the Federal Government.

This disclosure was made in a tweet shared via FG Survival Fund’s official Twitter account.

What you should know

  • The Payroll Support Program by FG under the Survival Fund initiative was created to provide an adequate buffer against the impact of the COVID-19 on the stream of income of MSMEs.
  • This, however, is an offshoot of the Survival Fund initiative, established to support and protect small businesses from potential vulnerabilities brought about by the COVID-19 pandemic.
  • In line with the mandate of the programme, the government will support MSMEs with staff salaries for 3 months.
  • It is important to note that the COVID-19 pandemic and other regulatory actions of the Federal Government affected the core segments of SMEs, as well as the revenue and income vehicles of Small businesses in Nigeria.
  • According to a survey by NBS, it became public knowledge that the total number of Micro, Small and Medium Enterprises in the country was about 41.5 million, as of December 2017, with significant employment contribution running to millions.
  • In the light of this, it is plausible to say that the Payroll support programme is not inclusive enough, as the recent move by FG to support MSMEs leaves millions of MSMEs and their employees out of the radar.

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MSME

FG warns applicants of N75 billion MSME Fund against fraudulent websites

FG warned unsuspecting members of the public to beware of fraudulent websites demanding account details.

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The Federal Government has warned unsuspecting members of the public, who wish to apply for the MSME Survival Fund, to beware of fraudulent websites demanding account details, before giving applicants N50,000.

According to Punch, the disclosure is contained in a press statement that was issued in Calabar by the Project Delivery Office (the Coordinating office of the scheme) under the Federal Ministry of Industry, Trade and Investment, and titled ‘Portal requesting for beneficiaries account details to get N50, 000 not known to us.’

READ: CBN reacts to videos, pictures of new N2,000 and N5,000 in circulation

The PDO is coordinated by the SA to the President on MSMEs, Office of the Vice President, Tola Johnson.

What the Trade, Industry and Investment Ministry is saying

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The Ministry, in its statement said, “Our attention has been drawn to the activities of fraudsters parading themselves as operators of the Federal Government’s Survival Fund Scheme.

“The syndicate operating a fraudulent portal with the link https://survivalfund-gov-ng.freefunds.xyz/#1609249530133(https://bit.ly/FG-survival-fund) are asking unsuspecting members of the public to check their eligibility for the scheme by providing their account details on the portal in order to be paid N50, 000 grant under the Survival Fund Scheme.

READ: How to access FG’s new grant for Bus, Uber, Bolt drivers, cart pushers

“It is pertinent to note that the Project Delivery Office (the coordinating office of the scheme) does not operate any such portal and beneficiaries do not require to go to the website to verify their eligibility for the federal government’s Survival Fund as indicated on the fraudulent portal.

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“The website requesting beneficiaries account details is, therefore, a scam. The PDO does not operate any such portal and wishes to advise all Nigerians and beneficiaries of the different tracks of the survival fund to be wary and desist from having dealings with the operators of the site.

READ: CBN raises alarm over fake tweet posts on N50 billion COVID-19 fund

The Ministry pointed out that the authentic survival fund portal remained www.survivalfund.gov.ng and the PDO would always inform members of the public on updates about the scheme whenever it was necessary.

What you should know

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The MSME Survival Fund, which is part of the N2.3tn stimulus package of the Nigeria Economic Sustainability Plan, was introduced by the Federal Government as part of efforts to help businesses overcome challenges posed by the Covid-19 pandemic.

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READ: SEC to refund victims of ponzi scheme, Dantata Success and Profitable Company

The MSMEs Survival Fund scheme is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector. The scheme is expected to save at least 1.3 million jobs across the country and specifically impact on over 35,000 individuals per state.

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READ: Germany’s 18th Century old bank begins a Bitcoin, Stellar, Ethereum Fund

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