Nigeria extends MSME Survival Fund to 4,500 transporters per state

*The MSME Survival Fund now supports transporters who own taxis, motorcycles, buses and tricycles, or those engaged in other types of transport business: Kayode Pitan, Managing Director of the Bank of Industry

Emmanuel Akosile | ConsumerConnect

In an attempt to support more Nigerian businesses affected by the damaging Coronavirus (COVID-19) pandemic, Federal Government is extending distribution of the Micro, Small and Medium Enterprise (MSME) Survival Fund to a total of 4,500 transport operators in each state of the country

Mr. Kayode Pitan, Managing Director of the Bank of Industry (BoI) who stated this Monday, November 30, in Lagos, said 4,500 transporters per state now have a chance to benefit from the Fund.

Pitan disclosed this at the inauguration of the transport sector track of the initiative in Lagos that the MSME fund had been set up to support transporters, who own taxis, motorcycles, buses and tricycles or those engaged in other types of transport business.

The BoI Chief said: “This fund is for people whose transport businesses have been affected by the pandemic and the Federal Government would be disbursing N30,000 grant to 330,000 self-employed people in the country.”

It is recalled that the Federal Government October 2020, had commenced the disbursement of N30,000 one-off grant to 330,000 artisans with the launch of the first phase in Lagos, Abuja, Kano, and nine other states in the country.

“We will be working with the unions and we are also using this medium to encourage their members to apply for the fund (MSME) as it would be on first come, first serve basis,” Pitan said.

Nigerian transporters with verifiable Bank Verification Numbers, registered with transport associations and who are self-employed in the transport business are eligible for the MSME scheme.

Anyagawa Tolani, President of Ladies on Wheel Association of Nigeria, said the MSME initiative would provide the buffer needed against the impact of the pandemic on businesses.

Tolani noted: “I am very sure that this would attract more women to join our association because we have more than a thousand women that re not registered.”

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