By Chijioke Okoronkwo

Vice President Yemi Osinbajo on Friday performed the virtual inauguration of the Fashion Cluster Shared Facility for Micro Small and Medium Enterprises (MSMEs), the Eko Fashion Hub 1, in Lagos State.

Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disclosed this in a statement in Abuja.

Osinbajo said that the Federal Government remained deeply committed to creating a more business friendly environment for MSMEs to thrive, as they were the engine room of the Nigerian economy.

According to the Vice President, the Economic Sustainability Plan (ESP), has in it, a Survival Fund for MSMEs.

He said that President Muhammadu Buhari’s approval of the implementation of the MSMEs Survival Fund as part of the ESP was to cushion the impact of COVID-19 on the economy.

“Under the Survival Fund is a Payroll Support Scheme, which will provide up to N50,000 in monthly salaries for up to 10 staff of a qualifying business, for a period of three months.

“There is also a N50,000 grant for 100,000 small and medium-scale businesses, while 333,000 self-employed persons working as artisans and transporters will benefit from a one-off grant of N30,000.

“The President has also approved that the Federal Government bear the full cost of business name registration for 250,000 new businesses nationwide.

“We are doing all these to support MSMEs across the country to maintain their staffing levels and keep their businesses afloat through these very challenging times.”

The Vice President said the Buhari administration’s commitment to the success of small businesses was evident in its MSMEs Clinics initiative.

Osinbajo said that the clinics extended business support services to small businesses across the country, of which the MSMEs Shared Facility Scheme was a core component.

“The Eko facility, which was developed through collaboration between the Federal Government, the Lagos State Government, and the Organised Private Sector, is an end-to-end fashion production centre equipped with needed machinery and will be made available to the public under a shared facility style structure.

“When MSMEs thrive the economy thrives, when they struggle, the economy struggles.

“MSMEs’ Shared Facility Scheme being implemented by the Federal Government under the National MSMEs Clinics seeks to provide high-quality operating equipment, which small businesses can access at a reasonable cost, within a conducive space,’’ he said.

According to the Vice President, the facilities will help to reduce operating costs for users, allowing them to invest the savings in expanding their businesses and hiring more staff.

The Lagos State Governor, Babajide Sanwo-Olu, who was physically present at the event in Ikeja, commended the President and Vice President for supporting the scheme.

He said that there were plans to replicate the same in other parts of the state.

There are 161 machines at the EKO facility, including 74 industrial straight sewing machines, 10 industrial steam pressing irons, four monogramming machines, eight industrial button-hole and five industrial button tacking machines.

It also has Tinko and Coil machines, heming and industrial weaving machines, among others.

The Facility has a 100kva standby generator and a 2kva solar power system.

The Minister of Works and Housing, Babatunde Fashola, Minister of State for Industry, Trade and Investment, Mariam Katagum, Managing Director, Access Bank, Herbert Wigwe and the Special Assistant to the President on MSMEs, Tola Johnson joined the event.

Others were the CEO, Bank of Industry, Mr Olukayode Pitan, Director-General, Small and Medium Enterprises Development Agency (SMEDAN), Dr Dikko Umaru Radda, Registrar General, Corporate Affairs Commission, Alhaji Garba Abubakar and Managing Director, NEXIM Bank, Abba Bello.

Dr Lola Akande, Lagos State Commissioner for Commerce, Industry and Cooperatives among other government functionaries also attended the event.

Osinbajo had in June, virtually inaugurated and handed over the 200,000-capacity Yam Storage Facility at the Zaki Biam International Yam Market in Benue State.

He had said there were also plans to establish similar facilities in other parts of the country, including in Kaduna, Anambra and the FCT. (NAN)

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