FG to empower 10 million MSMEs after the survival fund programme before June 2022

Mr. Johnson Toju, image Credit:

The Federal Government had in November last year announced that it has spent the sum N56.8 billion as stipends paid to 835,161 beneficiaries under the MSME Survival Fund programme. (adsbygoogle = window.adsbygoogle || []).push({});

This was revealed by Dr Evelyn Ngige, Permanent Secretary, Ministry of Industry, Trade and Investment, during the thirteenth social gathering of the National Council on Industry, Trade and Investment held in Ado-Ekiti.

During the event, the permanent secretary revealed further that the Federal Government had already completed plans to establish Special Economic Zones (SEZ) which she said was in partnership with the Export Processing Zones Authority in some highlighted states. (adsbygoogle = window.adsbygoogle || []).push({});

Dr Ngige said, “On the N75 billion MSME Survival Fund, the program has directed N8.80billion to 293,336 beneficiaries under the Artisan Support and Transport Scheme, N43.92 billion to 459,334 beneficiaries under the Payroll Support Scheme, and N4.12 billion to 82,491 beneficiaries under the MSME Grant Scheme. (adsbygoogle = window.adsbygoogle || []).push({});

“For certain, the sum N56.84 billion has been paid out to 835,161 beneficiaries under the MSME Survival Fund.”

She likewise uncovered the trade Ministry had started establishment of six private region drove Special Economic Zones (SEZ) of Lekki, Enyimba, Funtua, lbom, Kano and Benue, through relationship with the Nigeria Export Processing Zones Authority to ensure the Authority passes on the establishment of three SEZs in 2022.

(adsbygoogle = window.adsbygoogle || []).push({}); She said that as per the Presidential requesting for the establishment of something like one Agro-Processing Zone in the 109 Senatorial Zones as a general rule, the Ministry has started the most comprehensively seen procedure for collecting agro data in 16 states. (adsbygoogle = window.adsbygoogle || []).push({}); She conferred that the 16 States that will benefit in the imperative of the program she listed as Ebonyi, Plateau, Edo, Jigawa Ondo, Gombe, Abia, Benue, Osun, Sokoto, Zamfara, Enugu, Ekiti, Bauchi, Kebbi and Bayelsa.

She also added that the Ministry is ensuring credit approval to 10 million MSMEs at a specific single digit rate. (adsbygoogle = window.adsbygoogle || []).push({}); In the execution of this significant pillar of the Federal Government to diminish the speed of joblessness in the country, the Ministry, through the Bank of Industry (BOI), has managed released N15 billion to 863 MSME entities across a few regions and must be completed before June this year (2022). (adsbygoogle = window.adsbygoogle || []).push({});

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Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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