In a tweet on Monday, the federal government said the schemes – Guaranteed Offtake Scheme and MSMEs Survival Fund – would save jobs and sustain local production.
It said details on how the MSMEs could be accessed would soon be unveiled by the implementation committee.
“The Federal Govt is rolling out, under the NESP, support schemes for MSMEs nationwide, including a Guaranteed Offtake Scheme (guaranteeing off-take of priority products); and an MSMEs Survival Fund that will make payroll support available to save jobs and sustain local production,” it tweeted.
“Details on how to access these MSME Support initiatives will be unveiled soon, by the Implementation Committee.”
It said the chair of the Committee is the Minister of State, Trade and investment, Mariam Katagum, while the Vice Chair is the chairman of First Bank, Ibukun Awosika.
The scheme comes in two tracks.
The objective of the first track is to sustain 300,000 jobs in 10, 000 MSMEs by guaranteeing off-take of priority products such as processed food, personal protective equipment, hand sanitizers, face masks, face shield, shoe covers and pharmaceuticals.
This has been estimated at N15 billion and will be implemented by the ministry of trade.
The second track will see to the establishment of the SME survival fund to sustain at least 500,000 jobs in 50,000 SMEs.
It is estimated to cost N50 billion for the provision of payroll support, N200 billion for loans to artisans, and N10 billion support to private transport companies and workers.
It will be implemented by the steering committee on MSME survival fund and the Ministry of Trade.