41,207 Benefit From FG’s MSMEs Empowerment in Edo

Under the Nigeria Economic Sustainability Plan (NESP), the Federal Government has made significant strides in empowering Micro, Small, and Medium Enterprises (MSMEs).

It was reported that 41,207 beneficiaries in Edo State benefited from this initiative.

The Federal Government, under the Nigeria Economic Sustainability Plan (NESP), said the scheme had provided a one-off N30,000 grant to 333,000 beneficiaries across the 36 states of the country, including the FCT.

The Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum, represented by the State Director, Bank of Industry (BOI) and Steering Committee (STEERCO) member, Mr Adewale Bakare, disclosed this during a meeting on the MSME Survival Fund and Guaranteed Offtake Scheme,

Which is a program of the Federal Government under the Nigeria Economic Sustainability Plan (NESP) in Benin City, Edo state.

Importance of the initiative

Katagum emphasized the importance of these interventions during a meeting on the MSME Survival Fund and Guaranteed Offtake Scheme.

The meeting serves as a platform to highlight the scheme’s achievements, gather feedback from beneficiaries, and raise awareness about the advantages of Federal Government interventions in the informal sector.

Origin of FG’s MSMEs Empowerment in Edo

“As you all know, in Nigeria, as across other parts of the world, the COVID-19 pandemic caused disruptions in demand and supply chains, especially for corporate and household products and commodities.

The Federal Government responded with the MSME Survival Fund and Guaranteed Offtake scheme as its interventions to support micro and small businesses affected by the pandemic.

This concerted effort by the government aims to strengthen the MSME sector, enhance livelihoods, and contribute to the overall development of Edo State.

Also read: FG Trader Moni Begins ₦50,000 to ₦300,000 Loan

Reason for the Program

“The anticipated impact of the program was to directly engage One Hundred Thousand (100,000) MSMEs in the Production sector alone and save at least (1.3 million) One Million Three Hundred Thousand (1,300,000) jobs.

“The program gave special focus to 45% female-owned MSMEs and 5% for those with Special Needs. The target beneficiaries for the scheme were self-employed entrepreneurs and micro and small businesses registered in Nigeria.”

Bakare, while presenting Certificates to beneficiaries in Edo state, said: “In Edo State, the scheme recorded a total of 41,207 beneficiaries under the five tracks of implementation which include, Payroll Support Track – 9,894, General MSME Grants Track – 2,292, Artisan and Transport Support Track – 22,198, CAC Formalization Support Track – 6,606.”

He added that under the Guaranteed Offtake Scheme in the Edo State, 43 MSMEs successfully supplied their products after receiving mobilization.

“174 MSMEs despite receiving the 30% mobilization fee, failed to deliver their items, thereby disqualifying them from receiving the balance of payment and breaching their contract with the Federal government. This brings the total number of beneficiaries in Edo State to 41,207,” Katagum said.

Leave a Comment