COVID-19: FG announces palliatives for MSMEs

The Federal Government has rolled out a set of palliatives to help Micro Small and Medium Enterprises (MSMEs) wade through the economic fallouts of the coronavirus pandemic in Nigeria.
The Vice President, Yemi Osinbajo made this known at the virtual launch of palliatives for MSMEs by the National Agency for Food and Drug Administration and Control (NAFDAC) in Abuja, the nation’s capital.
He described the launch of NAFDAC palliatives for MSMEs as “a thoughtful and strategic response to the devastation caused by the COVID-19 pandemic”.
“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.” he explained.
According to him, the palliatives reflect the President Buhari administration’s determination to support MSMEs and the priority the Federal Government places on small businesses.
The Vice President, therefore reaffirmed the commitment of the Federal Government to ensure that the projected growth in the Micro, Small and Medium Enterprises (MSMEs) sector were not affected by the pandemic.
“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.
“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 explained.
“The vulnerability of MSMEs to the severe shocks that were to follow was 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, are 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,” the VP noted.
The Palliatives:
E-Registration of MSMEs/products at 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.
Waiver on administrative charges for overdue late renewal of expired licenses of micro/small businesses products for a period of 90 days.
The Vice President urged regulatory agencies involved in the MSMEs sector to improve on their service delivery noting that “we expect to see from them in terms of innovation, adaptability in the next few months and through the challenges that we will be seeing in business environment.”
“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, “ he added.