Federal government has officially flagged off the N60 billion Micro, Small and Medium Enterprises (MSME) Survival Fund and Payroll Support Scheme.
During the official flag-off held in Abuja on Thursday, the Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, said the two schemes were part of the government’s N2.3 trillion Nigeria Economic Sustainability Plan (NESP).
Ambassador Katagum said the N15bn SMEs Guaranteed Off-take Scheme, which is still being fine-tuned, would take off soon.
The minister said the MSME Survival Fund, which has kicked off, was designed to cushion the effect of COVID-19 on vulnerable SMEs.
She said the MSMEs Guaranteed Off-take Scheme, is being designed to assist MSMEs impacted by COVID-19 through guaranteed off-take of products.
Senior Assistant to the Vice President on MSMEs Tola Johnson said the scheme would start with the Payroll Support targeting 100,000 businesses and 500,000 beneficiaries for salaries ranging from N30,000 to N50,000.