FG to provide financial support for 1.7 million businesses, individuals — Minister

Ambassador  Mariam Katagum, the Minister of State for Industry, Trade and Investment, has stated the Federal Government’s resolve to provide financial support for 1.7 million business entities and individuals across the country in the next three months.

The minister made this known at the virtual commissioning of the Fashion Cluster Shared Facility for Micro, Small and Medium Enterprises (MSMEs) tagged:“Eko Fashion Hub” in Lagos on Friday.

According to her, the initiative is borne out of the Federal Government’s continued commitment to help cushion the impact of the COVID-19 pandemic on the economy by saving existing jobs and creating new job opportunities.

She said that the President Muhammadu Buhari’s administration, through the Economic Sustainability Committee, had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.

“The Federal Government is fully committed to empowering Nigerians; more so in the face of the COVID-19 Pandemic.

“In this regard, the government, through the Economic Sustainability Committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.

“These programmes include among others, the N75 billion MSME Survival Fund and Guaranteed Off-take Schemes of which I have the honour to chair the Steering Committee for the effective implementation of the projects.

“The project, which will run for an initial period of three months, is targeting 1.7million entities and individuals and has provisions for 45 per cent female-owned businesses and five per cent for those with special needs.

“The registration portal for the schemes is set to open on Monday 21st September, 2020 and I urge you all to take full advantage of the schemes,” she said.

She said that both schemes were at the core of the N2.3 trillion stimulus package also known as the Nigeria Economic Sustainability Plan (NESP) being implemented by the Federal Government.

The minister said that the commissioning of shared facilities was also expected to provide succour and relief for the teeming micro businesses in need of space and infrastructural support.

Katagum expressed appreciation to the Vice-President, Prof. Yemi Osinbajo for providing a pragmatic and purposeful leadership in establishing a conducive environment that would seamlessly allow MSMEs to grow and prosper.

She congratulated MSMEs across the country and urged the ones in Lagos State to take full advantage of the shared facility as well as the MSME Survival Fund and Guaranteed Off-take Schemes to improve their businesses.

“This event is a testimony to the continued commitment of the Federal Government of Nigeria to provide a conducive environment for operators in the MSME space.

“The establishment of Shared Common Facilities, is one of the key take-away from the organisation of MSME Clinics across the country.

“It is also imperative to state that the provision of Shared Facilities in support of MSMEs, is being complemented by activities in the Federal Ministry of Industry, Trade and Investment.

“It has been established, and rightly so, that Shared Facilities have been found to be effective tools to minimise the infrastructural challenges that have inhibited MSMEs overtime”.

“It is my belief that this initiative has come at the right time for MSMEs in Lagos State in particular, and Nigeria in general,” she said.  (NAN)