Meanwhile, the federal government remains deeply committed to creating a more business friendly environment for Micro, Small and Medium Enterprises (MSMEs) to thrive as the engine room of the Nigerian economy, Vice President Yemi Osinbajo has said.
Osinbajo stated this yesterday at the virtual commissioning of the Fashion Cluster Shared Facility for MSMEs, the Eko Fashion Hub 1, in Lagos State.
He explained that the Economic Sustainability Plan has in it a survival fund, adding that President Buhari’s approval of the implementation of the MSMEs Survival Fund as part of the ESP was to cushion the impact of COVID-19 on the economy.
This, he noted, not only highlights the commitment of the administration to supporting MSMEs, but also the importance of MSMEs to the nation’s economy.
He said, “Under the Survival Fund is a Payroll Support Scheme, which will provide up to N50,000 in monthly salaries for up to ten (10) staff of a qualifying business, for a period of three months.
“There is also a N50,000 grant for 100,000 small and medium- scale businesses, while 333,000 self- employed persons working as artisans and transporters will benefit from a one-off grant of N30,000.
“The President has also approved
that the Federal Government bear the full cost of business name registration for 250,000 new businesses nationwide.
“We are doing all these to support MSMEs across the country to maintain their staffing levels and keep their businesses afloat through these very challenging times.”
The vice president said the Buhari administration’s commitment to the success of small businesses is evident in its MSMEs Clinics initiative, which extends business support services to small businesses across the country, of which the MSMEs Shared Facility Scheme is a core component.
The Eko facility, which was developed through collaboration among the federal government, Lagos State government and the Organized Private Sector, is an end-to-end fashion production centre equipped with needed machinery and will be made available to the public under a shared facility style structure.
According to the VP, “when they (MSMEs) thrive the economy thrives, when they struggle, the economy struggles.”
He added that the MSMEs’ Shared Facility Scheme being implemented by the Buhari Administration under the National MSMEs Clinics “seeks to provide high-quality operating equipment which small businesses can access at a reasonable cost, within a conducive space.”