174,574 register for N75 billion MSME survival fund in 48 hours

A total of 174,574 persons successfully registered for the N75 billion National MSME Survival Fund and the Guaranteed Off-take Stimulus Scheme under the Nigeria Economic Sustainability Plan, within 48 hours, the Minister of State for Industry, Trade and Investment, Mariam Katagum, has said.

Mrs Katagum said the track targets 500,000 individual beneficiaries, 45 per cent of which will be given to female-owned MSMEs and five per cent to special needs-owned MSMEs.

She disclosed this on Thursday during a press briefing on the National MSMEs Survival Fund and Guaranteed off-take Stimulus Scheme in Abuja.

The federal government had earlier announced that the scheme, designed to save jobs and sustain local production amidst COVID-19, will come in two tracks.

The first will sustain 300,000 jobs in 10,000 MSMEs by guaranteeing off-take of priority products while the second will sustain at least 500,000 jobs in 50,000 SMEs.

“As at 8.30 am this (Thursday) morning, total successful registrations stood at 174,574 with the following states having the highest applications as follows: Kano, 19,895; Kaduna, 13,575; Lagos, 13,640; Katsina: 8,383; Federal Capital Territory, 8,085.”

She said that the registration for the MSME Survival Fund commenced on September 21 at 11 p.m, and within 24 hours, approximately 138,000 individuals had logged on, created profiles and completed the first stage of registration with Kano, Kaduna and Lagos as lead states.

“All successful applicants received SMS and email verification with a list of requirements for the second stage of application which would commence on October 1, 2020. Applicants will be required to upload details supporting their applications which will be verified and if successful, approved for disbursements.”

According to the minister, states that recorded the highest numbers of applications within the first 24 hours of registration are Kano, which recorded 16,880: Kaduna, 11,438; Lagos, 10, 530; Katsina, 7,354; and Bauchi, 6,622.

She said that registration for other tracks would start next with the hospitality industry coming on September 25 by 10 a.m; payroll support (others) on September 28 at 10 a.m; and artisan/transport grants on October 1.