149,720 Small Business Owners To Benefit From N75b Survival Fund

– Lagos, Kano, Abia top list with 60,000 slots

No fewer than 149,720 Nigerians are to benefit from the N75 billion Micro, Small and Medium Enterprises (MSMEs) Survival Fund, the Presidency has said.

Of the figure, 60,000 citizens would come from Lagos, Kano and Abia; the remaining 89,720 are to be drawn from 33 other states and the Federal Capital Territory (FCT) on equal basis of 2,640.

The Presidency explained that Lagos will have 25,000 slots; Kano, 17,000 and Abia, 16,000 because they host the largest concentration of MSME clusters in the country.

This is contained in an updated report of the Federal Government on the implementation of the scheme, a part of the Economic Sustainability Plan’s (ESP) drawn up to cushion the effects of the Coronavirus (COVID-19) pandemic.

Vice-President Yemi Osinbajo (SAN) coordinates the scheme.

The report said the Steering Committee, headed by the Minister of State for Industry, Trade and Investment, Mariam Katagum, was working to ensure a smooth implementation of the scheme.

It reads: “A detailed distribution procedure for the five tracks under the Survival Fund is as follows: Payroll Support – Lagos gets 25,000 beneficiaries; Kano, 17,000; Abia, 16,000; other states 13,000 each.

“General MSME grants – Lagos, 3,880; Kano, 3,280; Abia, 3,080; other states, 2,640 each.

“Free CAC registration – Lagos, 9,084; Kano, 8,406; Abia, 7,906; other states 6,606 each.

“Artisan and Transport grants – 36 states and FCT, 9,009.

“Guaranteed Off-taker Stimulus Scheme (MSMEs) – Lagos, 3,880; Kano, 3,280; Abia, 3,080 and other states 12,640 each.

“The report allays any fears of marginalisation of states in the distribution of slots for the five tracks of the Survival Fund.”