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COVID-19: Nigerian govt reveals plans to set up palliatives for MSMEs

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The Federal Government of Nigeria led by President Muhammadu Buhari has revealed plans to set up palliatives to assist Micro Small and Medium Enterprises (MSMEs) survive the economic fallout of the COVID-19 pandemic.

This was revealed by Vice President Yemi Osinbajo who also informed that the palliatives reflected the President Muhammadu Buhari administration’s determination to support MSMEs and small businesses.

According to a statement issued on Saturday by Osinbajo’s spokesman, Laolu Akande, the vice president performed the virtual launch of palliatives for MSMEs by the National Agency for Food and Drug Administration and Control (NAFDAC) on Friday in Abuja.

Akande said that Osinbajo listed the Federal Government’s palliatives as, “E-Registration of MSMEs/products at 80 percent discounted rate over a period of six months.

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“Zero tariff for the first 200 micro and small businesses to register on the E-platform.

“There will also be a waiver on administrative charges for overdue late renewal of expired licenses of micro/small businesses products for a period of 90 days.’’

“Of importance to the government’s response was to find ways of not just giving succor and assistance to existing MSMEs but also ensuring that there is practical and active fillip to new MSMEs.

“So, that the growth of this sector is not discouraged by the current economic trauma.

“This is our moment and the government of Nigeria and its regulatory agencies are prepared to back MSMEs and other businesses that are prepared for the innovative and interesting times that lie ahead of us,” he added during the virtual launch.

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