The Federal Government is funding the registration of 250,000 Micro, Small Medium Enterprises (MSMEs), which will be registered at zero cost, under its Economic Sustainability Plan (ESP).
The government is also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites.
This was disclosed by the Minister of Trade and Investment, Niyi Adebayo via government’s Twitter handle on Thursday.
"Right now, under the ESP, @NigeriaGov is funding registration for 250,000 MSMEs, which would be registered at zero cost. We are also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites"-@NiyiAdebayo_ #FGAtWork
— Government of Nigeria (@NigeriaGov) December 10, 2020
The Economic Sustainability Plan (ESP) was birthed with the constitution of a 10-man steering committee to drive the implementation of the various support schemes for small businesses especially Micro, Small and Medium Enterprises (MSMEs) in the country.
In August 2019, Adebayo inaugurated the committee at a brief ceremony held via video-conference. Membership of the group is drawn from both the public and private sectors.
Some of the programmes include; the MSMEs Guaranteed Offtake Simulation Scheme which is designed to sustain 300,000 jobs in 100,000 MSMEs by guaranteeing off-take of priority products and extending payroll support and establishing facility in the six geo-political zones. Others are the establishment of the MSMEs Survival Fund, targeted at sustaining 1,000,000 jobs in 100,000 MSMEs and 333,000 self-employed individuals through disbursement of grants across the six geo-political zones.