The federal government has rolled out N5 billion grant to Micro, Small, and Medium Enterprises (MSMEs) under the MSME Survival Fund and Guaranteed Stimulus Scheme. The Minister of State for Industry, Trade and Investment, Ambassador Mariam Yelwaji Katagum, in Abuja on Thursday, said the general MSME grant which would be opened on Tuesday was meant to give a one-off N50,000 grant to N100,000 MSMEs which did not meet the qualification of the Payroll Support or Guaranteed Offtake Scheme.
Ambassador Katagum said, “A one-off grant of N50,000 will be given to each qualified MSME as direct cash injection into their business.”
She also said the federal government would on Tuesday open the portal for MSMEs to apply for the Guaranteed Offtake Scheme.
She said, “It is important to note that the purpose of the Guaranteed Offtake Scheme is to stimulate direct local production by enabling 100,000 MSMEs in the production sector with funds to produce post-COVID-19 lockdown stimulus products.”
The minister said the scheme would give preference to products produced in reasonably sufficient volumes in each state, explaining that the products included face masks, hand sanitizers, liquid soap, disinfectants, and processed foods.