The Federal Government has issued a set of palliatives to help MSMEs cope amid the coronavirus pandemic, Yemi Osinbajo has said.
The Vice President revealed that the palliatives are: E-Registration of MSMEs/products at an 80% discounted rate over a period of six months. Zero tariffs for the first 200 micro and small businesses to register on the E-platform. A waiver on administrative charges for overdue late renewal of expired licenses of micro/small business products for a period of 90 days.
According to him, the government is ready to back MSMEs and other businesses that are ready for the innovative and trying times we expect during the pandemic.
He added that Nigeria has no excuse not to be one of the most productive and prolific economies in the world and the hope of the current administration is to achieve this aim as soon as possible.
His words, “The palliatives are: E-Registration of MSMEs/products at an 80% discounted rate over a period of six months. Zero tariffs for the first 200 micro and small businesses to register on the E-platform. A waiver on administrative charges for overdue late renewal of expired licenses of micro/small business products for a period of 90 days.
“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 fillip 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.”
“Just after the first index case of the disease was discovered in Nigeria and before the lockdowns began, Mr. President put together strategic teams to immediately determine the impact of the disruptions likely to be caused to the economy and what our immediate and medium to long term approach should be.
“The vulnerability of MSMEs to the severe shocks that were to follow was a priority at every consideration of the issues. But perhaps even our best projections could hardly have predicted the massive economic disruptions, the unprecedented number of business failures, job losses of what began as a health challenge and the ensuing lockdowns would cause especially to MSMEs, who, of course as you know, is the backbone of our entire economy.
“As the President has repeatedly urged, we have no excuse not to be one of the most productive and prolific economies in the world. Our hope is to achieve this aim in the incredible numbers of MSMEs that we have.”
“This is why the e-registration assistance for MSMEs through the Automated Product Administration and Monitoring System (NAPAMS) is so timely.
“These are all indicators of the new spirit of NAFDAC and foretaste of the support MSMEs stand to enjoy in wading through these trying times. But this is not a new undertaking for us. It is merely an extension or intensification of the Federal Government’s long-standing commitment to MSMEs.”
“I am sure that NAFDAC, SMEDAN, BOI and all of our MDAs concerned with the MSMEs see this period as one when we must work with the MSMEs, identify with them, and must be quick on the job to ensure we are able to resolve all of the problems that they have.”