FG disburses N66bn to beneficiaries under MSME Survival Fund
Mrs. Maryam Katagum, Minister of Industry, Trade and Investment, disclosed yesterday that a total of N66 billion has been directly disbursed to 1.26 million beneficiaries under the MSME Survival Fund and Guaranteed Off-Take Scheme. These beneficiaries include those who have gone through the Corporate Affairs Commission (CAC).
The minister stated that women made up 38% of those who benefited from the program, and that 2% of those benefited were people with special needs.
MSME Survival Fund and Guaranteed Off-Take Scheme is a program of the Federal Government under the Nigeria Economic Stabilization Plan (NESP), which was launched in September 2020 to address the challenges posed by the COVID-19 pandemic. The MSME Survival Fund and Guaranteed Off-Take Scheme is a program of the Federal Government under the Nigeria Economic Stabilization Plan (NESP).
The intervention, which will have a total cost of N75 billion, is in addition to the N2.3 trillion NESP that is currently being implemented by the administration that is led by President Muhammadu Buhari to help mitigate the impact of the pandemic with the goal of boosting the economy by saving existing jobs.. are a part of Creating new job opportunities.
Speaking at the MSME Survival Fund and Guaranteed Off-Take Beneficiary Townhall Meeting in Abuja, Katagum stated that the purpose of the townhall meetings was to highlight the achievements of the scheme across the country and get the feedback of beneficiaries on all tracks of the scheme. The townhall meetings were held to highlight the achievements of the scheme across the country.
He added that the gathering meetings that took place simultaneously in Lagos (in the South-West), Kano (in the North-West), Bauchi (in the North-East), Enugu (in the South-East), and Edo (in the South-South) will also serve as a medium to educate the general public about the benefits of the intervention by the Federal Government.
The minister explained that the anticipated results of the program were to directly include 100,000 micro, small, and medium-sized enterprises (MSMEs) in the manufacturing sector alone and to preserve at least 1.3 million jobs.
A specific goal of 45% for micro, small, and medium-sized enterprises (MSMEs) owned by women and 5% by individuals with special needs has been established by the scheme. Entrepreneurs who worked for themselves and owners of micro and small enterprises who were registered with Voice of Nigeria were considered to be the scheme’s intended beneficiaries.
The minister, however, did acknowledge that difficulties were encountered during the process of putting the program into effect.
He remarked, “Because it involved getting the recipients’ details, including their BVN, many of them first lacked faith in the process. All of the aforementioned is intricately connected to the initial apathy that Nigerians had toward plans of government involvement since they expected that they would gain from the scheme. Because it is necessary to be aware.
“There was a high emphasis on the use of information communication technology for transparency and traceability, which left the program exposed to infiltration attempts by Internet con artists because of the heavy reliance on the use of information communication technology.
There were also applications that used bogus paperwork, fake beneficiaries, and attempts to bribe officials in order to get around the rules.
“The required number of beneficiaries was not easily determined in some states, therefore multiple rounds of calculation were necessary. As a result of breaking their contract with the federal government, 19,928 beneficiaries of the guaranteed off-take system did not deliver their goods after collecting the 30 percent mobilization charge.”
He further mentioned that the application of Survival Fund in all five of its tracks had produced fruitful outcomes.
The minister commented that “despite the hurdles that were experienced, the project enjoyed excellent assistance from many state governments who provided warehousing and logistics to guarantee that the process was carried out without any hitches.”
In the meantime, the Federal Government has disclosed that a total of 2,538 micro, small, and medium-sized enterprises (MSMEs) in the South-East area have benefited from the Federal Government’s Guaranteed Offtake Scheme so far.
This information was disclosed by Ubadigbo Okonkwo, a member of the MSME Survival Fund Steering Committee, yesterday in Enugu, at a town hall meeting that was conducted for beneficiaries of the plan.
He stated that the goal of the meeting was to promote the achievements of the plan around the country and to seek feedback from the beneficiaries on all tracks of the scheme. He also stated that the meeting would take place.
Okonkwo explained that aside from the guaranteed offtake scheme, the sector also benefited from various schemes of the federal government. These schemes, according to Okonkwo, included wage assistance, MSME grant, artisan and transport, and CAC formal assistance scheme. Okonkwo also stated that the sector was a beneficiary of the CAC formal assistance scheme.
According to him, the purpose of the meeting that took place at the same time in all six geopolitical zones was to educate the general public, and more specifically the informal sector, on the positive aspects of the intervention by the Federal Government.
“The expected impact of the entire program was to directly engage 100,000 MSMEs in the manufacturing sector alone and save at least 1.3 million jobs,” he said, adding that the program gave special attention to 45 percent women-owned SMEs and five percent. “The expected impact of the entire program was to directly engage 100,000 MSMEs in the manufacturing sector alone and save at least 1.3 million jobs,” he said. For the benefit of those with unique requirements.