MSME Survival Fund: FG Disburses N56.84bn To 1m Beneficiaries

MSME Survival Fund: FG Disburses N56.84bn To 1m Beneficiaries

Amb Mariam Yalwaji Katagum, Minister of State for Industry, Trade and Investment, announced that the Micro, Small and Medium Enterprises (MSMEs) Survival Fund Scheme has so far given N56.84 billion to over 1 million beneficiaries.

iexclusive News Nigeria reports that the minister made the announcement while launching the Guaranteed Off-Take Scheme, the final component of a scheme launched last year to offset the impact of COVID-19 on Nigeria’s small enterprises.

According to the Minister, 50,032 MSMEs were chosen from 65,976 applications to be part of the Guaranteed Off-Take Scheme, which is expected to benefit 100,000 people.

“It’s vital to remember that the goal of GOS is to encourage direct local production by providing cash to 100,000 MSMEs in the manufacturing sector to manufacture ‘post-COVID lockdown’ off-take items. 

Face masks, hand sanitizers, liquid soap, disinfectants, and processed foods like garri, palm oil, groundnut oil, and spices are among the items she mentioned.

Items procured will be given over to state governments for distribution to schools, hospitals, NGOs, and other public and private organizations, she stated at the end of the off-take procedure.