Federal Government Disburses N56bn to 835,161 MSMEs Beneficiaries

The Federal Government has disbursed N56.84 billion to 835,161 beneficiaries under the Micro, Small and Medium Enterprises (MSME) Survival Fund scheme.

Dr Evelyn Ngige, the Permanent Secretary, Ministry of Industry, Trade and Investment, disclosed this at the opening of the 13th Meeting of the National Council on Industry, Trade and Investment on Ado-Ekiti, recently.

Dr Ngige said the scheme with the theme ‘Micro, Small and Medium Enterprises Development in Nigeria: The Roles of Stakeholders.’ was targeted at strengthening ordinary Nigerians and reducing the poverty index to the nearest minimum.

The permanent secretary said “On the N75 billion MSME Survival Fund, the programme has disbursed 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.

“In total, the sum of N56.84 billion has been disbursed to 835,161 beneficiaries under the MSME Survival Fund scheme.”

She disclosed that the ministry had commenced full activation of the six private sector-led Special Economic Zones (SEZ) of Lekki, Enyimba, Funtua, lbom, Kano and Benue.

The SEZs are working through the Nigeria Export Processing Zones Authority, she said, to ensure the Authority delivers the establishment of three SEZs in 2022.

According to her, the Ministry had in line with the Presidential directive for the establishment of at least one Agro-Processing Zone in each of the 109 Senatorial Zones, commenced the process of collecting agro-commodities data in 16 states.

She listed the 16 states that will benefit in the implemention of the first phase of the programme to include: Ebonyi, Plateau, Edo, Jigawa Ondo, Gombe, Abia, Benue, Osun, Sokoto, Zamfara, Enugu, Ekiti, Bauchi, Kebbi and Bayelsa.

Ngige said “We are also ensuring credit access to 10  million MSMEs at a single-digit rate. In the implementation of this strategic pillar of the Federal Government to reduce the rate of unemployment in the country, the Ministry, through the Bank of Industry (BOI), has disbursed N15billion to 863 MSME businesses across several sectors”.

She also revealed that the Ministry had continued to expand its partnership with the private sector to create well-paying jobs for the Nigerian youths in fulfillment of the job creation objective of the government.

“These initiatives are all geared towards Mr President’s promise of taking 100 million Nigerians out of poverty within the next 10 years,” she added.

On his part, the Commissioner for Trade and Industry in Ekiti, Mr Muyiwa Olumilua, stated that  the recent establishment of an industrial park in Otun-Ekiti was part of the programmes of the administration towards boosting the state’s economy.

Olumilua advised that stakeholders must coalesce efforts in a bid to develop the MSMEs, which are the backbone of any emerging economy, the surest way to diversify the economy as well as emancipate the country from overdependence on revenue from crude oil.