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MSME Fund: Artisan Support beneficiaries receives training certificates

Beneficiaries of the Artisan Support initiative received their training certificates and grants from the Lagos State Government.

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Ride-hailing: Uber says industry guidelines are inconsistent, unclear, Tax Remittance: LIRS to integrate PID module into TIN, LASAA, COVID-19: Lagos state has recorded no deaths, Lagos State House of Assembly Approves N153 Billion For construction of Lagos Rail Mass Transit., #MSME Fund: Lagos state beneficiaries receive certificates, applaud FG for the initiative

Lagos State beneficiaries of the Artisan Support initiative – under the MSME Survival Fund Scheme, have received their training certificates and are grateful to the Federal Government for the N30,000 grant.

This is according to the Twitter handle of the MSME Survival Fund, as seen by Nairametrics.

The one-time grant is meant to support MSMEs across the country, to keep their businesses afloat through these very challenging times. As part of the requirements, some of the artisans who have been selected for the programme in Lagos underwent training and received certificates as an attestation to their participation in the life-changing training.

(READ MORE: Lagos approves 33% increase for all state pensioners)

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What you should know

Nairametrics had earlier reported that the Federal Government of Nigeria commenced the payment of a one-time grant worth N30,000 to 330,000 selected artisans under the MSME Survival Scheme in over 11 states in Nigeria.

The Artisan Support Scheme, a one-off grant to artisans, is just a segment of the MSME Survival Fund programme. Other notable support schemes include the following:

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  • Payroll Support Scheme – payroll support for small businesses.
  • Formalization Support Scheme – free business name registration.
  • Guaranteed Offtake Scheme – support for local producers of priority products.

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MSME

Payroll Support Program: FG pays 101,567 beneficiaries first-month salary

The President announced thousands of beneficiaries received their first monthly payment from our Payroll Support Program.

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Payroll Support Program, President Buhari appoints 9 Chief Executives for government agencies, Nigerian British firm, Bail-Out Fund: FG deducts N122 billion from states’ account in 7-months [Full-List] , JUST IN: Buhari submits 2020 MTEF to Senate , FG to intervene in tech operation as lockdown causes chaos in tech market

President Muhammadu Buhari has announced that 101,567 beneficiaries, drawn from 16,253 businesses, received their first monthly payment from the Payroll Support Program yesterday.

This information was disclosed in a tweet by the official Twitter handle of the President.

READ: FG to slash import duties on tractors, buses, others in 2020 Finance Bill

READ: NCC tops lists of 25 most ethically-compliant regulators in Nigeria

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The President also disclosed that the program is an initiative by the Federal Government of Nigeria to ensure that Nigerian MSMEs survive, as the Federal Government supports qualifying MSMEs with staff salaries for 3 months.

READ: How FG saved over N206 billion in 2 years -IPPIS

Why this matters

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The stimulus package would go a long way to assist businesses in averting massive job loss or a crash of the business enterprise. The fund is expected to place affected businesses, which are beneficiaries of this fund, on the path of survival and sustainable growth.

READ: FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

What you should know

In July, Nairametrics reported that the Federal Government had 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.

READ: FG proposes a reduction of minimum tax rate next fiscal year

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The stimulus package, which is under the National Economic Sustainability Plan (NESP), includes payroll support for three months and guaranteed off-take schemes, among others.

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A month ago, Nairametrics reported that 70,000 businesses in Nigeria had been shortlisted from the 432,000 businesses that applied for the Payroll Support from the Federal Government’s Survival Fund Grant Scheme.

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MSME

Development Bank of Nigeria disbursed over N150 billion in 3 years

52% of loans disbursed by Development Bank of Nigeria in 2019 were to youths and women-owned businesses.

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Development Bank of Nigeria , Companies Allied Matters Act (CAMA)

Development Bank of Nigeria has disbursed over N150 billion since 2017 through twenty-seven (27) participating financial institutions, impacting close to 100,000 MSMEs through the process.

This is according to a disclosure by the Government of Nigeria, as seen by Nairametrics.

READ: CBN’s NCR facilitates N1.2 trillion loan For 155,000 MSMEs

READ: DBN meets SMEs’ financial need with over N70 billion

What you should know

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A verified tweet by the Government revealed that in 2019, 52% of the loans disbursed by the Development Bank of Nigeria were to youths and women-owned businesses.

READ: MSMEs crucial to providing employment to growing workforce – Peugeot Boss

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What they are saying

The Government of Nigeria tweeted “#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs.”

READ: DMO offers N50 million worth of FGN savings bond for subscription

Why it matters

The recent disclosure is in line with the present regime’s drive to diversify the economy and expand opportunities for youths and women, bridging the social exclusion gap, and ensuring prosperity for all.

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(READ MORE: #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities)

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The efforts by the Development Bank of Nigeria complements other social programmes introduced by the government and targeted towards Youths and Women, such as the Special Grant to Rural Women, Nigeria Youth Investment Fund, National Young Farmers Scheme, amongst others.

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MSME

FG commences disbursement of N20,000 special grant to rural women

Special grant project will see over 700,000 women empowered with N20,000 each.

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The Federal Government has commenced the disbursement of the N20,000 special grant to women in rural areas of Gombe state.

This is according to a verified tweet by the Federal Ministry of Humanitarian Affairs, as seen by Nairametrics.

Recall that Nairametrics had earlier reported the flag-off of the special grant project for rural women, initiated by the Federal Government, which will see over 700,000 women empowered with N20,000 each.

What they are saying

Commenting on the latest development, the verified tweet reads thus:

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MAKE GOOD USE OF THE CASH GRANT”– Umar Faroq tells Rural Women.

The HM @FMHDSD @Sadiya_faroq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families.

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What you should know

The rural women’s programme was introduced in 2020 by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development as part of President Muhammadu Buhari’s social inclusion and poverty reduction agenda.

It includes the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years.

The Grant for Rural Women is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.

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