Since the outbreak of the novel coronavirus in Nigeria, the economy of the country has not gain its balance due to the sudden lock down of the economy for more than three months.
With the central government being a worst hit of the coronavirus pandemic, it is justified that private businesses, small, medium and large scale businesses have suffered so much from this current pandemic that has kept the world in a global recession.
Two hours ago, Professor Yemi Osinbajo, the Vice President of the Federal Republic of Nigeria disclosed that private schools, hotels, and road transport workers, households, among others, will benefit from the stimulus package made available by the current administration for Micro, Small and Medium Enterprises to cushion the effect of the COVID-19 pandemic.
The Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande made it known as part of the excerpts of the 2020 edition of the MSMEs Awards held earlier today online.
In furtherance, Laolu Akande stated that the support scheme had been featured in the Federal government’s Economic Sustainability Plan.
According to Professor Yemi Osinbajo, he made it known that the survival fund would help provide payroll support to MSMEs with a minimum of 10 and maximum of 50 staff members.
The MSMEs that meet up with requirement for the fund will tender their payroll for verification by government.
In addition, over N200bn fund has been budgeted for the MSMEs in the most priority sectors such as healthcare, agro processing, creative industries, local oil and gas, aviation etc.
Moreso, this wonderful initiative will be executed through a scheme jointly managed by the Bank of Industry and Nigerian Export Import Bank especially for export expansion.
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