Vice President Yemi Osinbajo yesterday disclosed that the implementation of the Micro, Small and Medium Enterprises (MSMEs) Survival Fund as part of the Economic Survival Fund was to cushion the impact of COVID-19 on the economy.
He stated this at the virtual inauguration of the Fashion Cluster Shared Facility for MSMEs, the Eko Fashion Hub 1, in Lagos State.
A statement by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, restated the commitment of the federal government to creating a more business-friendly environment for MSMEs in Nigeria.
The Vice President explained that under the Survival Fund was a Payroll Support Scheme, which would provide up to N50,000 in monthly salaries for up to 10 staff of a qualifying business, for a period of three months.
Quoting the Vice President, the statement said, “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 was a core component.
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