FG has Commenced Disbursement Of Survival Fund To Nigerians
Out of the N75 billion survival fund earmarked by President Muhammadu Buhari’s government to energise the sector, Chief Niyi Adebayo, Minister of Industry, Trade and Investment, has revealed that a total of N56.84 billion has been disbursed to the drivers of Nigeria’s Micro, Small and Medium Enterprises (MSMEs).
The minister made the remarks during the opening of a technical session of the National Council on Industry, Investment, and Trade’s 13th meeting in Ado Ekiti, the state capital of Ekiti.
Dr. Evelyn Ngige, the Permanent Secretary in the Ministry, represented Adebayo, who stated that the scheme is aimed at strengthening ordinary Nigerians and lowering the poverty index to the bare minimum.
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“The programme has disbursed N8.80 billion to 293,336 beneficiaries under the Artisan Support & Transportation Scheme, N43.92 billion to 459,334 beneficiaries under the Payroll Support Scheme, and N4.12 billion to 82.491 beneficiaries under the MSME Grant Scheme from the N75 billion MSME Survival Fund,” he said.
“Under the MSME Survival Fund scheme, a total of N56.84 billion has been disbursed to 835,161 beneficiaries.”
Adebayo also stated that the ministry has begun full activation of the six private-sector-led Special Economic Zones in Lekki, Enyimba, Funtua, Ibom, Kano, and Benue, adding that they are working with the Nigeria Export Processing Zones Authority to ensure that three SEZs are established in 2022.
In addition, Adebayo stated that the ministry had “commenced the process of collecting agro-commodities data in 16 states of Ebonyi, Plateau, Edo, Jigawa Ondo, Gombe, Abia, Benue, Osun, Sokoto, Zamfara, Enugu, Ekiti, Bauchi, Kebbi, and Bayelsa for the first phase of the implementation in line with the presidential directive for the establishment of at least
“Assuring single-digit credit access to 10 million MSMEs.” The ministry, through the Bank of Industry (BoI), has disbursed N15 billion to 863 MSME businesses across several sectors as part of the federal government’s strategic pillar to reduce unemployment in the country,” he said.
According to the minister, the ministry has actively continued to expand its collaboration with the private sector to create well-paying jobs for Nigerian youths to meet the government’s job creation goal.
“The ministry has trained 1,211 beneficiaries through the Industrial Training Fund (ITF) through its Info-Tech Skills Empowerment Programme (ISEP), Passion to Profession, and other Special Skills Intervention Programmes,” he said.
Various strategic wealth creation programmes have been launched by the ministry through the Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN) according to the former governor, as part of the government’s efforts to reduce poverty through job creation.
“All of these initiatives are aimed at Mr. President’s promise of lifting 100 million Nigerians out of poverty in the next ten years,” he added.
What you should know about the Survival Fund?
- FG has commenced Survival Fund disbursement