Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo disclosed that the Federal Government has secures $1 billion loan to support MSMEs. This was disclosed during the Quantum Mechanics Limited MSMEs Survival Fund capacity building programme in Abuja, disclosed that the Bank of Industry (BoI), under its supervision has secured a $1 billion syndicated loan to support Micro, Small and Medium Enterprises (MSMEs) in Nigeria under Survival fund scheme.
According to the statement by the Minister’s Special Assistant on Media, Ifedayo Sayo, the loan is intended to improve the capacity of the bank to effectively support MSMEs across key sectors of the Nigerian economy as part of its efforts towards economic recovery and sustainable growth.
Mr Adebayo reiterated that the Federal Government through the ministry has shown immense commitment in supporting MSMEs development as demonstrated by the MSMEs Survival Fund Initiative, launched in the wake of COVID-19 pandemic by the Federal Government as part of its National Economic Sustainability Plan (NESP).
“The fund comprises the Payroll Support Scheme which aims at supporting MSMEs in meeting their payroll obligations and safeguard jobs by paying up to N50,000 to a maximum of 10 employees for three months.
“The Artisan and Transport Grant supports self-employed artisans with a one-off payment of N30,000 targeting 333,000 individuals.
“The General MSMEs Grant will provide 100,000 MSMEs with one-off grants of N50,000 each.
“And the Guaranteed Offtake Scheme aims at engaging approximately, 100,000 businesses nationwide to produce items typically manufactured in their locality, targeting 300,000 beneficiaries.
“The scheme supports free registration of companies for 250,000 beneficiaries,” Mr Adebayo stated.
Adebayo further explained that the fund was also estimated to save at least 1.3 million jobs across the country, while strengthening the growth potential of beneficiary businesses.
He stressed that the successful implementation of the scheme so far had contributed immensely to pulling Nigeria quickly out of the COVID-19 -induced recession.
This is coming after the Project Delivery Office of the N75 Billion MSMEs SurvivalFund Scheme in several statement hasassured Nigerians that all verified applicants of the Payrol Supports Scheme would recieve their payments in no distant time while encouraging the applicants to remain patient as both verification of applicants and payments are on going.
According to a recent reports from the Federal Government, 64,395 businesses have been verified and 320,678 employees paid the N30,000 -N50,000 three months salary Supports out of the 500,000 employees beneficiaries targeted under the Payrol Supports Track across the country.
Also, over 146,811 transport sector beneficiaries and 114,557 artisans beneficiaries have been paid the N30,000 one-off grant each out of the 333,000 beneficiaries targeted under the Artisan/Transport Track across the country while 100,000 Businesses have so far been freely registered by the Corporate Affairs Commision out of the 250,000 beneficiaries targeted under the Formalisation Supports Track.