Minister launches N75bn MSME Survival Fund, stimulus scheme for 330,000 artisans, transporters

*9,009 Beneficiaries each from the 36 states of Nigeria and FCT would benefit from the scheme, says Amb. Mariam Katagum, Honourable Minister of State for Industry, Trade and Investment

*Scheme will leverage duly registered and recognised associations so members of the bodies would attest to transparency, effectiveness of the exercise

Alexander Davis | ConsumerConnect

In cushioning the adverse effects of the COVID-19 pandemic and attendant lockdowns so as to minimise their income losses during the period, the Federal Government of Nigeria has formally inaugurated the artisans and transport sector tranche of the N75billion MSME Survival Fund and Guaranteed Off-take Stimulus Scheme.

ConsumerConnect reports that a total of 333,000 artisans and transporters across the country are to benefit from grants provided by the new scheme.

Amb. Mariam Katagum, Honourable Minister of State for Industry, Trade and Investment, who inaugurated the scheme in Abuja, FCT, stated that 9,009 beneficiaries each from the 36 states of the Federation and the Federal Capital Territory (FCT) would benefit from the scheme.

Katagum disclosed that the scheme would leverage duly registered and recognised associations so that members of the bodies would attest to the transparency and effectiveness of the exercise.

The artisans and transport support scheme was designed to provide 333,000 artisans and transport business operators with a N30,000 operations grant each, said she.

She stated that the grant would help reduce the effect of income loss during the COVID-19 pandemic and its resultant lockdown.

According to her, special focus would be given to 45 percent female-owned micro, small and medium enterprises and five per cent special needs owned MSMEs.

The grants would go to self-employed individuals, especially service providers such as bus drivers, taxi drivers, ride share drivers and artisans, including electricians and plumbers.

“One-off payment of N30,000 will be given as grant to each beneficiary.

“The categories of self-employed individuals eligible to participate in this track of the Survival Fund Scheme include mechanics, taxi drivers, ride share drivers.

“Others include hairdressers, ‘Keke NAPEP’ riders, Okada riders, plumbers and electricians,” said the Minister of State for Industry, Trade and Investment.

Katagum further said that beginning from next Monday, the free registration of 250,000 new businesses with the Corporate Affairs Commission (CAC) would commence.

The Minister added: “This will be at no cost to the MSMEs. The Federal Government will pay CAC N6,000 for each registration and this is under the formalisation support and it is for all MSMEs that require formalisation.”

She, therefore, urged artisans and transport business operators to take advantage of the scheme, adding that the government would need them to have valid accounts with banks in order to effectively benefit from the grants.