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Home Financial Literacy Small Business

FG releases new details on MSMEs support scheme, budgets N200 billion for loans

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
August 10, 2020
in Small Business, Spotlight
FG releases new details on MSMEs support scheme, budgets N200 billion for loans, FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours
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The Federal Government has released new details on the Micro Small and Medium Enterprises (MSMEs) support scheme being rolled out under the National Economic Sustainability Programme.

According to estimates provided, the sum of N50 billion will be used to provide payroll support, N200 billion for loans to artisans, and N10 billion support to private transport companies and workers

The government disclosed in a tweet on the official handle of the government, the support scheme will include a Guaranteed Off-take Scheme for priority products, and an MSMEs Survival Fund.

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The Federal Govt is rolling out, under the NESP, support schemes for MSMEs nationwide, including a Guaranteed Offtake Scheme (guaranteeing off-take of priority products); and an MSMEs Survival Fund that will make payroll support available to save jobs & sustain local production. pic.twitter.com/yLkHQn6zy3

— Government of Nigeria (@NigeriaGov) August 10, 2020

Modalities for the take-off scheme

The first track is a Guaranteed Off-take Scheme which will ensure continued local production and safeguard 100,000 existing small businesses to save 300,000 jobs.

Priority products include processed foods, personal protective equipment, hand sanitizers, face-masks, face-shield, shoe-covers and pharmaceuticals.

The implementation committee chaired by Ambassador Mariam Katagum, Minister of the Federal Ministry of Industry Trade and Investment, will collaborate with private sector MSME associations to verify and screen applications from bidding MSMEs, define quantity and price of products required, and also get participants to join in the procurements.

READ MORE: How to access new N75 billion Nigerian Youth Investment Fund

SME survival fund

With a budget of N15 billion, the SME survival fund is expected to sustain 500,000 jobs in 50,000 SMEs.

Major sectors to benefit from the SME survival fund include hotels, restaurants, creative industries, road transport, tourism, private schools and export-related businesses.

The committee will identify eligible SMEs and screening and verification for this fund will be based on company registration, and tax registration. The implementation committee will approve disbursements through microfinance banks and fin-tech credit providers.

MSMEs that are unregistered will receive support to complete registration with the Corporate Affairs Commission (CAC), and all participants will be expected to make payments based on signed agreements.

The Bank of Industry will also join to coordinate the implementation of the scheme.

The scheme will last 3 months with Ambassador Mariam Katagum as Chairman, while Ibukun Awosika, Founder of The Chair Centre Limited (TCCL), and First Bank Nigeria will serve as the Vice Chairman.

More details are to be released subsequently from the Implementation Committee.

The Backstory

In July 2020, the Federal Government announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

The Vice President Yemi Osinbajo, who also heads the Economic Sustainability Committee, announced it at the 2020 edition of the Micro MSMEs Awards held virtually in July.

To benefit from the scheme, MSMEs would have to go through a rigorous and painstaking verification process which will be based on certain criteria.

MSMEs that have between 10 to 50 staffs are qualified for this fund. The businesses must make their payroll available to the government for verification while applying for the fund. Once qualified, the MSMEs will be eligible to have their staff salary paid directly from the fund for 3 months.


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Tags: Mariam KatagumMSMEsNational Economic Sustainability Programme
Ruth Okwumbu-Imafidon

Ruth Okwumbu-Imafidon

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 ruth.okwumbu@nairametrics.ng

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Comments 12

  1. Chidiebere Ibem Kalu says:
    August 10, 2020 at 9:55 pm

    I will like to know more about this louadable opportunity provided by the Federal Government, I am involved in nation building. I am eternally grateful.

    Reply
    • owoyemi ola olatunde says:
      October 9, 2020 at 8:46 am

      My name is mr owoyemi ola olatunde I need load for my business from fgn

      Reply
  2. Rimamsitse Nuhu says:
    August 11, 2020 at 12:13 pm

    Pls more information on this scheme, i am an agripreneur

    Reply
  3. James Emmanuel says:
    August 15, 2020 at 5:41 pm

    Great provision for the citizenry,welcome development well presented analysis,am a fish farmer Indeed need expansion what is the morde of application,await your usual cooperation, thanks

    Reply
  4. Akinola kehinde says:
    October 28, 2020 at 9:19 am

    I’m interested in this do I don’t have any business for now

    Reply
  5. Wisdom Ukeame Ubele says:
    April 23, 2021 at 3:49 pm

    I have a little business I am managing for now but I lost all I had during the Covid-19 period but I don’t have money much money to continue with my business… I will be very grateful if you can help me out with this Smes fund…

    Reply
  6. Edjobeh Charity says:
    May 13, 2021 at 1:45 pm

    Since the covid-19 quarantee, I lost everything which am trying to recover, my peti business

    Reply
  7. HARUNA MIJINYAWA says:
    June 6, 2021 at 1:34 am

    HELP ME PLEASE

    Reply
  8. Surajo umar says:
    July 4, 2021 at 7:43 am

    God bless us

    Reply
  9. ekuma daniel Chukwuemeka says:
    July 8, 2021 at 1:12 pm

    please i need help

    Reply
  10. Yakubu says:
    October 1, 2021 at 1:00 pm

    I’m greeting you

    Reply
  11. Yakubu says:
    October 1, 2021 at 1:05 pm

    I’m waiting help from you please thank you very much

    Reply

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