41,207 Benefit From FG’s MSMEs Empowerment in Edo
The Federal Government under the Nigeria Economic Sustainability Plan (NESP), on Wednesday, said the scheme has provided a one-off N30,000 grant to 333,000 beneficiaries across the 36 states of the country including the FCT with a total number of 41,207 beneficiaries in Edo State.
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Kindly note that this is a grant and not a business loan from the government.
The Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum, represented by the State Director, Bank of Industry (BOI) and Steering committee (STEERCO) member, Mr. Adewale Bakare disclosed this during a South-South town hall meeting on the MSME Survival Fund and Guaranteed Offtake Scheme; a program of the Federal Government under the Nigeria Economic Sustainability Plan (NESP), in Benin city, Edo state.
Katagum said the purpose of the Townhall meetings is to highlight the Scheme’s achievements around the country and to receive beneficiary feedback on all tracks of the Scheme.
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“The meetings will also serve as a medium to sensitize the public especially, the informal sector on the advantages of Federal Government interventions,” Katagum said.
“As you all know, in Nigeria, as across other parts of the world, the COVID-19 pandemic caused disruptions in demand and supply chains, especially for corporate and household products and commodities. The Federal Government responded with the MSME Survival Fund and Guaranteed Offtake scheme as its interventions to support micro and small businesses affected by the pandemic.
“The anticipated impact of the program was to directly engage One Hundred Thousand (100,000) MSMEs in the Production sector alone and save at least (1.3 million) One Million, Three Hundred Thousand (1,300,000) jobs.
“The program gave special focus to 45% female-owned MSMEs, and 5% for those with Special Needs. The target beneficiaries for the scheme were self-employed entrepreneurs, and micro and small businesses registered in Nigeria.
Bakare while presenting Certificates to beneficiaries in Edo state said “In Edo State, the scheme recorded a total of 41,207 beneficiaries under the five tracks of implementation which include, Payroll Support Track – 9,894,General MSME Grants Track – 2,292, Artisan and Transport Support Track – 22,198, CAC Formalization Support Track – 6,606.”
He added that under the Guaranteed Offtake Scheme in the Edo State, 43 MSMEs successfully supplied their products after receiving mobilization.
“174 MSMEs despite receiving the 30% mobilization fee failed to deliver their items, thereby disqualifying them from receiving the balance of payment and breaching their contract with the Federal government. This brings the total number of beneficiaries in Edo State to 41,207,” Katagum said.