The Federal Government has announced the commencement of its Micro Small and Medium Enterprise (MSME) survival fund for the transport sector.
The Managing Director, Bank of Industry (BOI) Kayode Pitan, at the launch of the transport sector track of the survival scheme, said MSMEs are vital to the growth of the Nigerian economy, emphasising the need to be supported at a trying time such as this occasioned with the pandemic.
He said the federal government has plans to support over 330,000 self-employed people that have been affected by the pandemic with this scheme.
According to him, the transport track of the fund is available to every transporter who drives buses, taxis, tricycles, motorcycles or are in any other kind of transport business.
“This fund is for people whose transport businesses have been affected by the pandemic and the federal government would be disbursing N30,000 grant to 330,000 self-employed people in the country,” he said.
He noted that the federal government is doing all it cannot put smiles on the faces of Nigerians, adding that a minimum of 4500 people in each State would get access to the fund.
“We will be working with the unions and we are also using this medium to encourage their members to apply for the fund as it would be on a first-come, first serve basis,” he said.
He said to qualify for the fund, transporters must be Nigerians with a verifiable Bank Verification Number (BVN); must be registered with a transport association and self-employed in the transport business.
Also speaking, the president, Ladies on Wheel Association of Nigeria (LOWAN), Mrs. Anyagwa Tolani, said this is the first time her association would partake in a federal government support scheme.
She commended the federal government for the scheme, saying that the fund would help to cushion the effect of the pandemic on their businesses.
She said about 150 women in her association would benefit from this scheme.
“I am very sure that this would attract more women to join our association because we have more than a thousand women that are not registered,” she said.