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Following the adverse effect of Covid-19 on Micro, Small and Medium Enterprises in the country, the Federal Government has initiated a Payroll support scheme for entrepreneurs.

Therefore, Oyo State Government has called on MSMEs in the State to access the Federal Government Survival Fund in good time.

The Director General Oyo State Investment and Public Private Partnership Agency (OYSIPA) and the focal person for the implementation of the programme in Oyo State, Hon. Segun Ogunwuyi stated this on Wednesday at his office in Ibadan.

Governor Seyi Makinde had launched a 1BN Oyo State MSME fund in June through the Oyo State Investment and Public Private Partnership Agency (OYSIPA) as a post- covid-19 recovery effort for Small businesses in the State.

The OYSIPA boss said the State Governor, was encouraging the FG’s survival fund because according to him, MSMEs survival fund is a cluster of grants intended to support vulnerable, Micro and Small Enterprises in meeting their payroll obligations and to safeguard jobs within the MSME space from the shock of the Covid-19 pandemic.

Hon. Segun Ogunwuyi further hinted that, the programme was to save over One million, Seven hundred thousand (1,700,000) jobs nationwide and special focus would be given to 45% female owned and 5% special needs owned MSMEs. 

Across different spheres of interventions, the programme was designed to impact over 39,000 MSMEs in the State, ranging from payroll support, one-off General MSME grants, business formalization, support for free CAC registration for new MSMEs and self-employed individuals like bus drivers, taxi drivers, ride share drivers and artisans.

He implored interested individuals from Oyo State to visit www.survivalfundapplication.com in order to fill out the documents online and fulfill the necessary requirements.

More information on the programme can be obtained from www.oysipa.oy.gov.ng  or via email to info@oysipa.oy.gov.ng.

Nigeria has a large informal sector which contributes about 65 percent of its economic output and a large proportion of the population is clustered around the poverty line thus making them highly vulnerable to falling into poverty due to shocks. The MSME Revolving Guaranteed Off-take Scheme is one of the Federal Government’s economic support measures to assist micro and small businesses affected by the pandemic.

The Payroll Support Scheme under the auspices of Federal Ministry of Industry, Trade and Investments is aimed at MSMEs adversely affected by the pandemic. The scheme will provide Payroll Support to a maximum of 10 employees per qualifying MSME.

By oyonews

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