Yemi Osinbajo the Vice-President on Thursday said road transport workers, private schools, hotels and other small scale enterprises will benefit from the Micro Small and Medium Enterprises (MSMEs); a stimulus package prepared by the administration to aid Micro Small and Medium enterprise from the COVID – 19 pandemic effect.
The MSMEs support scheme is part of the government Economic Sustainability plan rolled out to cushion and sustain MSMEs during and after the COVID-19 pandemic. Furthermore, 20 billion naira has been set aside for funding of important sectors which are the pharmaceutical and health care, agro-processing, agro-services, local oil, oil and gas, creative industries etc.
Also, the government has budgeted 200 billion which will be accessed, disbursed and supervised through a joint scheme, under the control Bank of Industry and Nigerian Export-Import Bank especially for Micro Small and Medium Enterprises that are into export. The CBN in its proactiveness has created a N100 billion credit facility for MSME. These are all the steps put in place by the President to help cushion the pandemic effect on MSMEs. Details on how the different credit facility will be accessed will be published in due course, so stay tuned.
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