Registration for N75 billion MSMEs begins Monday

The Federal Government of Nigeria has announced the take-off registration for N75 billion Micro, Small and Medium Enterprises Survival Fund and.guaranteed schemes.

Minister of State for Industry, Trade and Investment, Mariam Katagum announced through a statement issued and made available to Journalists on Saturday in Abuja.

According to the statement which was signed by the Assistant Director of Information, Ministry of Trade, Industry and Investment, Oluwakemi Ogunmakiwa, said the portal for registration will be opened to applicants from Monday, 21st September, 2020.
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Miriam Katagum said, the project will be opened for 1.7 million entities initially and for individuals.

She further explained that the scheme was at the core of the N2.3trillion stimulus package of the Federal Government for Nigerians.

The N2.3tn stimulus package, also known as the Nigeria Economic Sustainability Plan, is being implemented by the Federal Government to cushion the impact of the COVID-19 pandemic on the country’s economy.

According to her, the implementation of the scheme would boost the economy and mitigate the hardships occassioned by the COVID-19 pandemic, adding that the existing and start-up businesses would now have lifelines.

The Minister further stressed that the project which is running for three months, with a target of 1.7 million entities, would capture 45 per cent female-owned businesses and five per cent for those with special needs.

The statement continued: “The registration portal for the schemes is set to open on Monday, September, 21, 2020, and I urge you (MSMEs) all to take full advantage of the schemes.”

Katagum, who chairs the steering committee for the effective implementation of the projects, said the initiatives came at a time when financial support was critical for MSMEs.

“Most of them have greatly been negatively impacted due to the economic downturn arising from the COVID-19 pandemic,” she stated.

She urged MSMEs to take full advantage of the Survival Fund and Guaranteed Off-take schemes to improve their businesses.