FG to fund registrations for 250,000 MSMEs

The Federal Government has said that it is funding the registration for 250,000 Micro, Small Medium Enterprises (MSME), which will be registered at zero cost, under its Economic Sustainability Plan (ESP).

The government is also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites.

This was disclosed by the Minister of Trade and Investment, Niyi Adebayo via government’s Twitter handle on Thursday.

He tweeted, “Right now, under the ESP, @NigeriaGov is funding registration for 250,000 MSMEs, which would be registered at zero cost. We are also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites.”

"Right now, under the ESP, @NigeriaGov is funding registration for 250,000 MSMEs, which would be registered at zero cost. We are also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites"-@NiyiAdebayo_ #FGAtWork

— Government of Nigeria (@NigeriaGov) December 10, 2020

Some of the programmes in the Economic Sustainability Plan include the MSMEs Guaranteed Offtake Simulation Scheme which is designed to sustain 300,000 jobs in 100,000 MSMEs by guaranteeing off-take of priority products and extending payroll support and establishing facility in the six geo-political zones. Others are the establishment of the MSMEs Survival Fund, targeted at sustaining 1,000,000 jobs in 100,000 MSMEs and 333,000 self-employed individuals through disbursement of grants across the six geo-political zones.