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By James Emejo
The Bank of Industry (BoI), yesterday said about 311,000 employees of small companies have been supported under the payroll support initiative of the MSME Survival Fund Scheme.
Stakeholder Engagement Representative, BoI, Mr. Akan Ekure, added that about 64,000 companies had also been verified to date.
The payroll support scheme was introduced by the federal government to ameliorate the adverse impact of the COVID-19 pandemic on small and medium enterprises to enable vulnerable Nigerians keep their jobs and as well as the businesses to thrive.
Under the initiative, employees of approved enterprises are paid between N30,000 to N50,000 for a period of three months.
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In furtherance of its support for small businesses to cushion the economic effects of the COVID-19 pandemic under the implementation of its Economic Sustainability Plan, a total of 296,032 Nigerians has so far benefitted from the Federal Government’s ongoing MSME Survival Fund Payroll Support track, while there are 166,000 beneficiaries under the Artisan Support track.
In the same vein, 100,000 businesses have so far benefitted under the formalization support track of the Federal Government MSMEs Survival Fund, which is aimed at registering 250,000 new businesses for free with the Corporate Affairs Commission (CAC).
The payroll support track targets supporting 500,000 beneficiaries with payment of up to N50,000 per employee for a period of three months, with the disbursements to approved Payroll Support beneficiaries commencing in November 2020.
A cityscape in Enugu, Nigeria. Although this city is nicknamed coal city, Nigeria as a whole is taking steps toward clean energy and a green recovery. Photo by Ovinuchi Ejiohuo/Unsplash
The COVID-19 pandemic has given rise to what may be the most challenging global health and economic crisis of our lives. In response, governments around the world have committed at least $12 trillion in stimulus to COVID-19 recovery, much of it focused on immediate needs like health, food security and jobs. Yet countries must also focus on building their economies for tomorrow economies that are resilient to global health crises, economic shocks and climate change. By prioritizing COVID-19 stimulus that tackles multiple challenges, countries can build back in a way that is more inclusive, sustainable and resilient.
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In partnership with the private sector, the Federal Government would continue to support innovation and interventions to boost the growth of small businesses across the country, so as to improve the economy and create more employment opportunities for Nigerians, according to Vice President Yemi Osinbajo, SAN
Prof. Osinbajo stated this Monday at the first meeting of MSMEs stakeholders for the year 2021.
The Vice President urged stakeholders in the public and private sectors at the virtual meeting to be innovative in the interventions planned for small businesses across the country, so as to consolidate on the gains recorded in the MSMEs space in the past few years