Osinbajo Lists Palliative For MSMEs
Vice President Yemi Osinbajo says the Federal Government has set up palliatives to assist Micro Small and Medium Enterprises(MSMEs) to survive the economic fallout of the COVID-19 pandemic.
The Vice President said the palliatives reflected the President Muhammadu Buhari administration’s determination to support MSMEs and the priority the Federal Government placed on small businesses.
Osinbajo’s spokesman, Laolu Akande, in a statement, said the vice president performed the virtual launch of palliatives for MSMEs through the National Agency for Food and Drug Administration and Control (NAFDAC) last Friday in Abuja.
Osinbajo listed the Federal Government’s palliatives as, “E-Registration of MSMEs/ products at 80 percent discounted rate over six months. Zero tariffs for the first 200 micro and small businesses to register on the E-platform. Waiver on administrative charges for overdue late renewal of expired licenses of micro/small businesses products for a period of 90 days.”
According to the vice president, businesses across the world are faced with the disruptions caused by the Coronavirus pandemic.
He said that the Federal Government would continue to adopt and implement practical measures to ensure that the projected growth in the MSMEs sector was not seriously affected by the development.
“Of importance to the government’s response was to find ways of not just giving succour and assistance to existing MSMEs but also ensuring that there is a practical and active stimulus to new MSMEs. So that the growth of this sector is not discouraged by the current economic trauma. This is our moment, and the government of Nigeria and its regulatory agencies are prepared to back MSMEs and other businesses that are prepared for the innovative and interesting times that lie ahead of us,” he added.