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Nigeria to Open Registration Portal for N75bn MSME Fund on Monday

The Federal Government of Nigeria will on Monday 21st September, 2020 opened the registration portal for the N75 billion MSME Survival Fund and Guaranteed Offtake Schemes.

The Chair of the Steering Committee for the effective implementation of the projects and the Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum (picture), made the disclosure on Saturday at the virtual commissioning of the Fashion Cluster Shared Facility for Micro, Small and Medium Enterprises (MSMEs) coined “Eko Fashion Hub” in Lagos.

Amb. Katagum noted that President Buhari administration has through the Economic Sustainability Committee launched the funding programmes aimed at cushioning the economic impact of Covid-19 on MSMEs operating in Nigeria.

A statement from the Ministry’s Assistant Director of Information, Mrs. Oluwakemi Ogunmakinwa, quoted the State Minister as saying the “schemes are at the core of the N2.3 trillion stimulus package also known as the Nigeria Economic Sustainability Plan (NESP) being implemented by the Buhari Administration to help cushion the impact of the COVID-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.”

She stated that “the provision of Shared Facilities in support of MSMEs, is being complemented by activities in the Federal Ministry of Industry, Trade and Investment.

“It has been established, and rightly so, that Shared Facilities have been found to be effective tools to minimize the infrastructural challenges that have inhibited MSMEs overtime, she added.

Amb. Katagum, who advised Nigerian MSME operators to take full advantage of the Shared Facility as well as the MSME Survival Fund and Guaranteed Offtake Schemes, believed that “these initiatives have come at the right time for MSMEs in Lagos State in particular, and Nigeria in general.”

The Minister stated that “the project, which will run for an initial period of three months, is targeting 1.7million entities and individuals and has provisions for 45% female-owned businesses and 5% for those with special needs.”

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