The Federal Government says the ₦75 billion Survival Fund for Small and Medium Scale Enterprises in the country was aimed at safeguarding jobs in the MSMEs (Micro, Small and Medium Enterprises) sector in the midst of the COVID-19 pandemic.
Director-General, Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umar Radda stated this at a town hall meeting with small business owners in Katsina.
He noted that MSMEs are the lifeblood of the Nigerian economy as they serve as a means of livelihood for over 40 million Nigerians.
The SMEDAN DG said the ₦75 billion stimulus package to be disbursed to small scale entrepreneurs will go a long way in absorbing the shocks of the pandemic on their businesses. Noting that the fund was projected to save 1.3 million jobs in the sector with 35,000 beneficiaries from each state of the country.
Dr. Dikko Radda pointed out that “most of the beneficiaries of the scheme were artisans and commercial transport operators whose businesses are registered with the Corporate Affairs Commission”.