1.2m Persons, MSMEs Benefit From N75bn Survival Fund – Federal Govt

1.2m Persons, MSMEs Benefit From N75bn Survival Fund – Federal Govt

The federal government has said that 1.2 million persons and businesses have benefited from the N75 billion Micro, Small and Medium Enterprise (MSMEs)’ survival fund since its launch.

Mariam Katagum, Minister of State for Industry Trade and Investment disclosed this on Tuesday at the National Conference on non-oil export with theme “optimising Nigeria’s non-oil organised by the Nigeria Export Promotion Council in Abuja.

The Fund which took effect in September 2020, was aimed at sustaining the livelihood of vulnerable businesses mostly affected by the pandemic, according to the Minister. It is also the core of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan.

While noting that the theme of conference is timely, the Minister stressed that Nigeria can no longer depend on oil as its major source of foreign earnings, and charged stakeholders to come up with recommendations for a policy framework that would boost agricultural production, processing and export.

To boost visibility of Nigerian made goods, the Minister said the country has participated in many international fairs to expose made in Nigeria products in on the international market especially within the framework of the African Continental free trade area.

Executive Director and CEO of NEPC, Ezra Yakusak, speaking, said conference was convinced following the performance of non-oil export sector, and the plethora of challenges bedevilling the sector which among others include the adverse effect of COVID 19 pandemic on export operations, the distress calls of practitioners on regulatory constraints and restrictions on export business, and the dire need to strengthen the diversification agenda of the federal government.

Quoting statistics from the Pre-shipment Inspection Agencies (PIA), the NEPC boss revealed that there was a significant growth in export proceeds in the last 5 years 2017-2021 from $1.2 billion to $3.4 billion as against an annual average of $22 billion food importation alone into the country.

Describing this as concerning, Yakusak said concerted efforts are required from all practitioners in the non-oil export value chain. Hence, the convergence of diverse stakeholders with varied and wide experience in export and quasi-export businesses to participate in this national dialogue as a veritable way of resolving emerging issues and allaying the palpable fears of export practitioners on government decision and actions perceived to be inimical to export operations.

“The convergence of diverse stakeholders with varied and wide experience in export and quasi-export businesses to participate in this national dialogue as a veritable way of resolving emerging issues and allaying the palpable fears of export practitioners on government decision and actions perceived to be inimical to export operations, “he said.