According to reports reaching Oyogist.com, the bank of Industry under the Ministry of Industry, Trade and Investment, has gained a one billion dollar syndicated loan to support Micro, Small and Medium Enterprises (MSMEs) in the country.
This was disclosed by Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment during the Survival Fund capacity building programme training in Abuja.
According to him, the loan would aid in improvement of certain bank capacities in order to effectively support MSMEs across key sectors of the Nigerian economy.
“The fund comprises the Payroll Support Scheme which aims at supporting MSMEs in meeting their payroll obligations and safeguard jobs by paying up to N50,000 to a maximum of 10 employees for three months.
“The Artisan and Transport Grant supports self-employed artisans with a one-off payment of N30,000 targeting 333,000 individuals.“The General MSMEs Grant will provide 100,000 MSMEs with one-off grants of N50,000 each, and the Guaranteed Offtake Scheme aims at engaging approximately, 100,000 businesses nationwide to produce items typically manufactured in their locality, targeting 300,000 beneficiaries.
“The scheme supports free registration of companies for 250,000 beneficiaries,” he said.
Through the fund, at least 1.3 million jobs across the country, would be saved, further increasing the growth potential of beneficiary businesses in the country.