Nigerian govt supports 1.1m businesses through MSMEs Survival Fund

Nigerian President, Muhammadu Buhari has stated that the introduction of the Micro Small and Medium (MSMEs) Enterprises Survival Fund, launched to support businesses affected by the pandemic has seen 1.1 million businesses get funded by the Federal Government.

The President disclosed this at the 27th Nigerian Economic Summit (NES27) organized by the Nigerian Economic Summit Group (NESG) on Monday, in Abuja.

At the summit tagged, “Securing our future: The fierce urgency of now,” the President who was represented by Vice President Yemi Osinbajo, stated that COVID-19 has had far-reaching implications on businesses in Nigeria and the socio-economic impact has been huge.

President Buhari said the Federal Government is responding to challenges and opportunities as the economic sustainability plan was introduced to tackle COVID-19, rescue businesses and sustain growth and investment in human and social capital.

“The results are beginning to show, especially in the area of GDP growth which appreciated and inflation, which has been on a downward trend. Also, to support our MSMEs, which are the highest contributors to GDP, 1.1 million establishments were supported through the MSMEs’ survival fund, and we are also providing support for exporters and labour intensive endeavours. The AfCFTA calls for action to position the economy and at the same time protect our key sectors of health and infrastructure, in a sustainable manner.”

He also commended the summit, adding that it has contributed to Nigeria’s economic growth, policies and projects for the past 27 years.

The Federal Government had last month announced that it disbursed the sum of N56,842,780,000 to over 1,079,323 persons and businesses, including those registered under the Corporate Affairs Commission (CAC), under the off-take scheme of the Survival fund.