Nigeria begins disbursement of Survival Fund to small business owners

Nigeria begins disbursement of Survival Fund to small business owners

Nigeria has begin disbursement of its N75 billion Survival Fund to owners of micro, small and medium scale enterprises (MSMEs). Out of this amount, N56.84 billion had been disbursed to beneficiaries.

This is according to the Minister of Industry, Trade and Investment, Chief Niyi Adebayo, who revealed that a total of N56.84 billion had been disbursed to operators of micro, small and medium scale enterprises (MSMEs) in Nigeria, out of the N75 billion Survival Fund earmarked by President Muhammadu Buhari’s government.

The minister said this yesterday, during the opening of the technical session of the 13th meeting of the National Council on Industry, Investment and Trade held at Ado-Ekiti, Ekiti State.

The minister who was represented by the Permanent Secretary in the Ministry, Dr. Evelyn Ngige, said the scheme was targeted at strengthening ordinary Nigerians and reduce the poverty index to the nearest minimal.

Adebayo said: “On the N75 billion MSME Survival Fund, the programme has disbursed N8.80 billion to 293,336 beneficiaries under the Artisan Support & Transport Scheme; N43.92 billion to 459,334 beneficiaries under the Payroll Support Scheme, and N4.12 billion to 82.491 beneficiaries under the MSME Grant Scheme.

“In total, the sum of N56.84 billion has been disbursed to 835,161 beneficiaries under the MSME Survival Fund scheme.”

“We have also ensured credit access to ten million MSMEs at a single-digit rate. In the implementation of this strategic pillar of the federal government to reduce the rate of unemployment in the country, the Ministry through the Bank of Industry (BOI) has disbursed N15bn to 863 MSME businesses across several sectors,” he added.

He said the ministry has actively continued to expand its collaboration with the private sector to create well-paying jobs for the Nigerian youths in fulfillment of the job creation objective of the government.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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