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Minister accounts for N75 billion MSME Survival Fund

Minister of State, industry, trade and investment Mrs. Mariam Katagum at the event

The Minister of State for Industry, Trade and investment, Mariam Katagum says the implementation of the N75 billion MSME Survival Fund across four of its five tracks have yielded positive results that are verifiable and measurable.

She made this known at the commerce and industry correspondent association of Nigeria annual conference in Abuja.

The survival funds interventions are in Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme and General MSME Grants

She explained that 459,000 beneficiaries, under the Payroll Support have received between N90,000 –  N150,000 while in the Artisans and Transport tracks, 293,000 have benefited from one-off grants of N30,000.

Hajia Katagum said the Ministry of Industry, Trade and Investment, as part of its priority areas has concluded arrangements to facilitate the development of at least one Agro-processing zone in each senatorial district of the Federation.

 She explained that under the 2021/2022 budget, the Ministry will roll out the development of Agro-Processing in each geopolitical zone under the first phase of the scheme.

The Chairman of the association Mr. Fred Idehai commended the Federal Government for, creating various platforms to improve access to finance for MSMEs.

The event also had in attendance the Senior Special Assistant to the President on Public Sector Matters and Secretary of the National Action Committee on AfCFTA,  Mr. Francis Anatogu;  Director-General, National Automotive Design and Development Council,  Mr. Jelani Aliyu; representatives of Heads of Agencies of the Ministry; Ministry’s officials;  Resource persons;  members  of CICAN and other stakeholders.

The theme of the conference was “The Role of Nigeria’s MSMEs, Export, Commodities, Trade & Investment in stabilising the Post COVID-19 Economy: Issues & Challenges”

Reporting by Victoria Chimezie, editing by Daniel Adejo.