FG announces date for opening of MSME Intervention Fund Portal

The federal government has announced that registration for the guaranteed offtake stimulus scheme and the general micro, small and medium enterprise (MSME) grant will commence on Tuesday, February 9th.

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.

Speaking with journalists in Abuja on Thursday, Katagum said the portal would be opened from 11:59pm on Tuesday, February 9 to Thursday, February 18.

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.

To qualify for the guaranteed offtake stimulus scheme, a business must be owned by a Nigerian; must have Corporate Affairs Commission (CAC) registration; must have a bank verification number (BVN) and bank account number; must have at least 2 staff members; must be ready to produce under National Agency for Food and Drug Administration and Control (NAFDAC) and Standards Organisation of Nigeria (SON) specifications.

Products captured in the scheme include face masks, hand sanitiser, liquid soap, disinfectant and processed foods.

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.

The committee warned Nigerians to be wary of fraudsters as the registration is free.