NIGERIA: The federal government launched the Guarantee Offset Programme, one of the tracks of the MSMEs Survival Fund program under the Nigerian Economic Sustainability Program (NESP).
This was approved at the Federal Executive Council (FEC) on 31st August.
Nigeria’s Minister of State and Federal Minister of Industry, Trade and Investment, Mariam Katagamu said that the plan was implemented following the need to revitalize the economy of manufacturing in the country.
“The COVID-19 pandemic caused a drop in the demand for corporate and household products and commodities in Nigeria just like it did in other parts of the world”, she said.
She added that the original target was 100,000 MSMEs across the country, but by the time the portal was closed, it had received only total of 65,976 applications nationwide, with 50,032 MSMEs confirmations and pre-approvals currently underway to take off their products.
Katagum said that the delay in implementation of the scheme is because it ensures that all countries considered to be key stakeholders in the GOS are fully integrated and understand their roles.
The Steering Committee also stated that due process is implemented through the Public Procurement Bureau (BPP) stating that logistics is implemented as close as possible to each of the 50,000 beneficiaries.
The Minister also said that the scheme is given preference to products that are produced in sufficient quantities and have a proven propensity to create jobs.
“These products include: Face Masks; Hand sanitisers; Liquid Soap; Disinfectants and Processed Foods such as garri, palm oil, groundnut oil, and spices.
“We have successfully carried out the mapping of products produced in sufficient quantities in each state of the Federation and the FCT,” she said.
At the end of the scheme, items procured will be handed over to the State Governments for onward distribution to Schools, Hospitals, NGOs and public and private institutions.