This was announced by the steering committee of the MSME survival fund and guaranteed offtake stimulus scheme chaired by Mariam Katagum, minister of state for industry, trade and investment.
The guaranteed offtake stimulus scheme is targeted at protecting and sustaining the incomes of vulnerable MSMEs by guaranteeing the offtake of their products.
According to the committee, a total of 100,000 MSMEs will benefit from the scheme. Lagos will get 3,880 beneficiaries, Kano 3,280, Abia 3,080 while other states will each have 2,640 beneficiaries.
Similarly, the general MSME grant, a one-off grant of N50,000 is designed to help boost the growth of 100,000 MSMEs in the country.
An applicant must have a verifiable BVN, bank account number, CAC registration and must be a Nigerian.