TheCable

The federal government has announced that registration for the N75 billion survival fund for micro, small and medium enterprises (MSMEs) will begin on Monday, September 21.

Mariam Katagum, minister of state for industry, trade and investment, said the programme is aimed at tackling the economic challenges faced by small businesses as a result of the coronavirus outbreak.

Katagum was speaking at the virtual commissioning of the fashion cluster shared facility for MSMEs tagged ‘Eko Fashion Hub’ in Lagos on Friday.

Katagum explained that the programme, which would run for an initial duration of three months, would be opened for 1 .7 million entities and individuals across the country.

“The federal government is fully committed to empowering Nigerians; more so in the face of the COVID-19 pandemic,” she said.

“In this regard, the government, through the economic sustainability committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.

“These programmes include among others, the N75 billion MSME survival fund and Guaranteed Off-take schemes of which I have the honour to chair the steering committee for the effective implementation of the projects.

“The project, which will run for an initial period of three months, is targeting 1.7 million entities and individuals and has provisions for 45 percent female-owned businesses and five per cent for those with special needs.”