Nigerian govt launches N75bn support package for 333,000 transporters, artisans

The Nigerian government Thursday inaugurated the N75 billion Medium Small and Micro Enterprises (MSMEs) Survival Fund and Guaranteed Off-take Stimulus with the ambition of supporting artisans and transporters through grants.

The support package has in mind 9,009 beneficiaries from each of the 36 states alongside the Federal Capital Territory and targets properly registered and recognised associations capable of lending credence to the efficiency and openness of the scheme, said the Minister of Industry Trade and Investment, Miriam Katagum, who anchored the launch in Abuja.

Intended as a public initiative to provide mitigants against income loss for small businesses hobbled by the economic turbulence of the coronavirus pandemic, the financial aid will offer N30,000 to every beneficiary and give priority to 45 per cent MSMEs owned by women and 5 per cent MSMEs owned by people of special needs.

“One-off payment of N30,000 will be given as grant to each beneficiary. The categories of self-employed individuals eligible to participate in this track of the Survival Fund Scheme include mechanics, taxi drivers, ride share drivers.”

Read also: COVID-19: CBN’s disbursement of rescue package for businesses hits N369bn

“Others include hairdressers, ‘Keke NAPEP’ riders, Okada riders, plumbers and electricians,” Mrs Katagum said.

In the meantime, the application window for the registration of 250,000 new businesses with the Corporate Affairs Commission is timed to open on Monday. It will be free for MSMEs, the minister added.

“The Federal Government will pay CAC N6,000 for each registration and this is under the formalisation support and it is for all MSMEs that require formalisation.”

Enjoining MSMEs to leverage the initiative, Katagum mentioned that bank accounts of applicants are required to qualify for largesse.

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