The Honourable Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum has said that the implementation of the MSME Survival Fund Scheme under the Nigeria Economic Sustainability Plan has yieled positive results in the socio- economic growth of the country.
The Minister stated this during the Media Briefing on the official flag-off of the Guaranteed Off-take Scheme in Abuja.
Amb. Katagum said “The implementation of the MSME Survival Fund across the initial four tracks namely, Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme and General MSME Grants have all yielded positive results that are verifiable and measurable and the impact is huge”
The Minister further gave a break down of the success of each track so far, saying “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 currently stands 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 has a report that to date, 244,162 small and growing enterprises have been successfully registered free of charge, across the 36 States and the FCT.
The General MSME Grants Scheme had its initial target set at 100,000 MSMEs, have successfully completed the provision of grants to a total of 82,491 till date.
To date a the sum of N56,842,780,000.00 to 1,079,323 has successfully been disbursed (including those registered under CAC)”.
The Minister said the last track of the MSMEs Survival Fund is the Guaranteed Off-take Scheme which was being officially flagged-off.
“Building on the successes recorded in the implementation of the other tracks of the Scheme and in line with the plan to fully rejuvenate the economy, especially MSMEs, in the manufacturing sector, the Federal Government is set to roll out the last component of the Survival Fund (GOS)” she stated.
She said, the COVID-19 pandemic caused a drop in demand for corporate and household products and commodities in Nigeria just like it did in other parts of the world and response to this the Guaranteed Off-take scheme (GOS) was conceived as part of the Federal Government’s interventions to assist small and growing businesses that were negatively affected by the pandemic.
The Minister explained that “the purpose of GOS is to stimulate direct local production by enabling 100,000 MSMEs in the production sector with funds to produce ‘post COVID lockdown’ off-take products. The products include: Face Masks; Hand sanitizers; Liquid Soap; Disinfectants and Processed Foods such as garri, palm oil, groundnut oil, and spices. A mapped out of products produced in sufficient quantities in each state of the Federation and the FCT has successfully be carried out”.
She added that at the end of the off-take process, items procured will be handed over to the State Governments for onward distribution to Schools, Hospitals, Non Governmental Organisations, as well as other public and private institutions which each State Government may wish to consider as beneficiaries.
She also said that the balance of funds from GOS will be re-purposed and applied to other tracks where there are high numbers of applicants on the waiting among States in a very equitable manner .
Amb.Katagum also made it known that the Project Delivery Office (PDO) is working with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Industry (BoI) and Industrial Development Fund (ITF) in the implementation of the Scheme.
The Minister thanked the media, saying that, the successes recorded so far was largely due to the media’s sustained support.
The MSME Survival Fund Project Coordinator, Mr. Tola Adekunle -Johnson in his remarks disclosed that a total of 50,032 applicants have been pre-qualified and approved by the Steering Committee to proceed to the next stage.
He said “These applicants will receive text messages and email requiring them to return to MSME Survival Fund Portal to complete their documentation”.
He added that applicants will have three days from the time they get the SMS/Email to log in and electronically complete all necessary documentation
Mr. Tola further explained that “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.
Then 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″.
You will recall that the MSME Survival Fund Scheme is under the Nigeria Economic Sustainability Plan ( NESP) approved by the Federal Executive Council (FEC) and constituted by President Muhammadu Buhari on 30th March, 2020.
Comfort E. Unane
Senior Information Officer
For Assistant Director Information