The Federal Govt is rolling out, under the NESP, support schemes for MSMEs nationwide, including a Guaranteed Offtake Scheme (guaranteeing off-take of priority products); and an MSMEs Survival Fund that will make payroll support available to save jobs & sustain local production.
This was announced in a series of tweets via the Government of Nigeria verified Twitter handle.
The Initiatives will be in two tracks and will is expected to sustain 800,000 jobs in 100,000 MSMEs and 50,000 SMEs.
Track 1 is expected to sustain 300,000 jobs in 100,000 MSMEs and would involve an implementation cost of N15 Billion.It is expected to help safeguard existing small businesses to save jobs and ensure continued local productions.
Track 2 is expected to sustain at least 500,000 jobs in 50,000 SMEs by using payroll support to save jobs and ensure continued local production. The implementation cost is put at N260 Billion.
The program will be implemented by the Ministry of Industry, Trade and Investment. The Chairman of the implementation Committee is Minister of State, Industry, Trade and Investment , Ambassador Mariam Katagum; while the Vice Chair is Mrs Ibukun Awosika , Founder of the Chair Centre and Chairman of First Bank Nigeria.
Details on how to access these MSME Support initiatives will be unveiled soon by the Implementation Committee.