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Nigeria disburses N12.4 bln to ease impact of Covid-19 on MSMES

By on December 14, 2020 0 101 Views

Nigeria said it has so far disbursed a total sum of N12.4 billion to micro, small and medium sized enterprises (MSMEs) through the Bank of Industry (BoI) as part of efforts to mitigate the impact of the COVID-19 pandemic.

Just as the Federal Ministry of Industry, Trade and Investment said it is working on the review the country’s trade policy and the Nigerian Industrial Revolution Plan (NIRP).

The Minister of Industry, Trade and Investment, Niyi Adebayo said that the risks of the pandemic was being mitigated by the government by exploring ways to catalyse and sustain production, creating supply chains, preventing market disruption through efforts to alleviate the financial impact on small businesses.

He said the government, through his ministry, remained committed to the pursuit of implementing the Nigeria Economic Sustainability Plan MSMEs Fund (NESP-F) to revitalise and strengthen small enterprises against the pandemic.

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Adebayo who further stressed the benefits of the Survival Fund and Guaranteed Off-take Schemes launched as part of the NESP to tackle the effects of COVID-19, however, challenged the state governments to support the federal government in all its initiatives and to also encourage them to come up with pragmatic measures towards revitalising the industry, trade and investment sectors in their respective domains so as to move the country to the next level of the post COVID-19 era.

He said the industry, trade and investment sector remained crucial in the drive towards the diversification of the country’s economy away from an oil-dominated economy for sustainable job creation and wealth generation.

The minister stressed the role of his ministry in creating an enabling environment that stimulates domestic investment and attract foreign direct investment into all sectors of the economy among others.

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Nasir Sani-Gwarzo said the ministry is currently working in collaboration with the World Bank to develop a Sector Strategic Plan 2020-2030 to serve as roadmap and guide for a sustainable revitalisation of the Industry, trade and investment sector of the economy.

He further disclosed that the ministry plans to organise a novel trade and investment week with the sole purpose of showcasing potentials in the sector.

He said the Investment Protection Agreement (IPA) with Singapore and Morroco had been signed by the federal government, stressing that efforts are currently being made to collaborate with the ministry of justice for the production of the instrument ratification for the signature of the President Muhammadu Buhari.

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