FG Provides Free Enterprise Registration for 250,000 MSMEs


Muhammadu Buhari


A free enterprise registration for 250,000 Micro, Small and Medium Enterprises (MSMEs) nationwide has been launched by the federal authorities.


The registration is consistent with the federal government’s Survival Fund Scheme.


The Minister of State for Business, Commerce and Funding, Amb Mariam Katagum, disclosed this in an interview with the Information Company of Nigeria (NAN) on Monday in Abuja.


Based on her, President Muhammadu Buhari’s administration by way of the Financial Sustainability Committee had introduced particular programmes geared toward cushioning the affect of COVID-19 on MSME companies.

“We’ve got received the Company Affairs Fee (CAC) to register 250,000 companies freed from cost.

“In Nigeria, now we have a number of these MSMEs however they’re simply by no means formalised, they usually keep like that and a few fizzle out as a result of they aren’t in a position to entry credit score services.

“So a part of this element so to register 250,000 companies freed from cost, while you say freed from cost, it’s this mission that pays as a result of CAC won’t do it for us free.

“We additionally inside it give 50 per cent low cost for these different enterprises that need to register, so if you’re not micro, small or medium, you don’t get that sort of free registration.”


Katagum mentioned the Federal Authorities, by way of the Nigeria Financial Sustainability Plan (NESP) had commenced nationwide implementation of the Nationwide MSME Survival Fund and the Assured Off-take Schemes.


She defined that each schemes had been on the core of the N2.three trillion stimulus bundle also called the Nigeria Financial Sustainability Plan (NESP) being carried out by the Federal Authorities.

“These programmes embrace amongst others, the N75 billion-MSME Survival Fund and Assured Off-take Schemes of which I’ve the honour to chair the steering committee for the efficient implementation of the initiatives.

“The mission, which can run for an preliminary interval of three months, is focusing on 1.7million entities and people and has provisions for 45 per cent female-owned companies and 5 per cent for these with particular wants.”


Based on her, the mission is borne out of the Federal Authorities’s dedication to serving to cushion the affect of the COVID-19 pandemic on the financial system by saving present jobs and creating new job alternatives.


The minister mentioned that different initiatives beneath the mission embrace the Artisans and Transport Grants beneath which electricians, mechanics, plumbers, painters, taxi drivers and different artisans had been being empowered with grants.


She mentioned that the Assured Offtake Scheme was to guard and maintain the revenue of weak MSMEs by guaranteeing the offtake of their merchandise.


She mentioned the Assured Offtake Scheme would supply grants for producers of consumables reminiscent of hand sanitisers, face masks, liquid cleaning soap, disinfectants and processed meals.


Katagum mentioned that the Payroll Help Schemes helps MSME payroll obligations by paying between N30, 000 and N50, 000 to between three, minimal and 10, most staff for 3 months.


Based on her, MSMEs on this class are required to have a minimal of three and most of 50 Workers on their payroll to qualify for it.


She mentioned that they should be within the hospitality trade, non-public colleges, manufacturing unit house owners, legislation corporations and hospitals, amongst others. 

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