The Federal Government says it is ready to increase its support for innovation and interventions that will boost the growth of small businesses in partnership with the private sector.
Vice President Yemi Osinbajo said such interventions would improve the economy and create more employment opportunities for Nigerians.
Osinbajo stated this on Monday at the first stakeholders meeting of Micro Small and Medium Enterprises (MSME) in 2021.
Speaking at the virtual meeting, the vice president urged stakeholders in the public and private sectors at the virtual meeting to be innovative in the interventions planned for small businesses across the country, so as to consolidate on the gains recorded in the MSMEs space in the past few years
He said, “We really have to think out of the box in our engagements going forward. We need to change the way we do many things, we need to look for ways of multiplying our efforts, because the challenges in this space are greater than what we have been able to achieve so far.
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“Of course, we have done a lot, but looking at the numbers in need, you will find out that there is a lot more to be done.”
Speaking about the implementation of the MSMEs Survival Fund and its impact on the economy, Osinbajo said, “the implementation of the Survival Fund by the Federal Government has sent the right signals that MSMEs are an important component of the economy.”
The Federal Government’s MSMEs Survival Fund grant scheme, which includes Payroll Support, Artisans and Transport support tracks, is a component under the Nigerian Economic Sustainability Plan (NESP).
Commending stakeholders for their cooperation and commitment in the implementation of schemes and initiatives in the MSMEs sector, the Vice President said, “Working together, we can achieve more in the MSME space. I am glad to hear that there is more collaboration among partners and among Ministries, Departments and Agencies.”
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The Survival Fund scheme, designed to cushion the economic effects of the COVID-19 pandemic, especially on the most vulnerable small businesses, is a conditional grant to support vulnerable MSMEs in meeting their payroll obligations and safeguard jobs in the MSMEs sector.
Earlier in her remarks, the Minister of State, Industry, Trade and Investment, Ambassador Mariam Katagum, said the implementation of the Survival Fund across different areas reduced the burden of the pandemic on businesses.
According to the Minister, “Having impacted over 300,000 beneficiaries under the Payroll Support scheme, paying them N30,000 and N50,000 as at December 2020; and successfully completing the enumeration and disbursement to 166,000 Artisans as at December 2020, the Federal Government, through the Survival Fund, has filled the gap created as a result of the pandemic.”
She noted that the support provided through the Survival Fund will go a long way in cushioning the impact of the pandemic as observed in comments captured in the testimonies of beneficiaries of the various tracks under the scheme.
On his part, the Special Adviser on Economic Matters to the President, Ambassador Adeyemi Dipeolu, emphasised the need for stakeholders to seriously consider the possibility of expanding the scope of the MSMEs Clinics to cover more beneficiaries and consolidate past efforts.
He noted that having been limited to Nasarawa and Ebonyi States alone in 2020 due to the COVID-19 pandemic, the secretariat, in line with the directive of the Vice President, planned to take the clinics to the remaining states in order to ensure total coverage of the country and prepare the ground for a possible nationwide second round of the linics.
In his remark, the Managing Director, Bank of Industry, Mr Kayode Pitan, said partnership with stakeholders grew even stronger in 2020 despite the disruptions of the COVID-19 pandemic. He noted that the bank, working with other stakeholders, would adopt strategies that would grow the MSMEs space in 2021 and beyond through the provision of facilities and other guarantees.
The Managing Director of Access Bank, Mr Herbert Wigwe, who represented the private sector at the meeting, reiterated the commitment of the sector in supporting the Buhari administration’s vision for MSMEs through the various initiatives implemented in the Clinics and Shared Facility Scheme.
