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) on
Friday in Abuja.
Osinbajo listed the Federal Government’s palliatives as,
“E-Registration of MSMEs/products at 80 percent discounted rate over six
months.
“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.”
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