This scheme aims to protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVID-19 pandemic through the implementation of various initiatives aimed at boosting the production capacities of the small businesses as well as the provision of grants.
The main objective of this particular scheme is to boost production capabilities of small businesses with the view to ensuring that they remain in business.
The scheme agenda as defined by the Federal Government comprises:
- Purchasing identified items from small businesses.
- Collaborate with private sector MSME associations.
- Define the quantity of the products required and the price for the identified products
- Solicit interest from MSMEs to participate in the procurement.
- Verify and screen the applications from bidding MSMEs.
- Provide registration support with CAC for unregistered MSMEs.
- Develop and sign contracts with beneficiaries.
- Make payment based on agreements.
- Make arrangement for transparent purchase and distribution of procured items.
The implementation committee chaired by Ambassador Mariam Katagum, Minister of the Federal Ministry of Industry Trade and Investment, will collaborate with private sector MSME associations to verify and screen applications from bidding MSMEs, define quantity and price of products required, and also get participants to join in the procurements.
The size of the fund
The estimated amount for this particular scheme is 15 billion naira. The duration of implementation will be the same as the payroll support which is three months.
Micro and Small businesses registered in Nigeria that produce any of the following products are eligible. These are processed foods, personal protective equipment, hand sanitizers, face-masks, face-shield, shoe-covers and pharmaceuticals.
You must be a Micro and Small businesses registered in Nigeria. More information about requirements will be communicated via the Federal Ministry of Industry, Trade and Investment.