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Survival Fund: FG disburses N56bn, Shortlists 50,032 for off-take Scheme

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The Federal Government has disbursed N56,842,780,000 to over 1,079,323 persons and businesses, including those registered under the Corporate Affairs Commission (CAC) for off-take scheme of the Survival Fund.Amb. Maryam Katagum, Minister of State, Industry Trade and Investment, also the Chairperson, Survival Fund Steering Committee, disclosed this at a news conference on Tuesday in Abuja.

This is even as it flagged off the Guaranteed Off-take Scheme,  with 50,032 beneficiaries already shortlisted.
She said that the scheme was the last track of the government’s Micro Small and Medium Enterprises (MSMEs) Survival Fund scheme.She further explained that the scheme targeted 100,000 beneficiaries, but that as at the time the portal closed, only 65,976 applications were received, of which 50,032 scaled the pre-qualification test and were shortlisted.
“To date, we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 including those registered under CAC.“The last track of the MSME Survival Fund is the Guaranteed Off-take Scheme which we are here to officially flag-off today. Building on the successes recorded in the implementation of the other tracks of the Scheme.“The Federal Government is set to roll out the last component of the Survival Fund known as the Guaranteed Off-take Scheme (GOS).“As you all know, the COVID-19 pandemic caused a drop in demand for corporate and household products and commodities in Nigeria just like it did in other parts of the world.“It is in response to this that the Guaranteed Off-take scheme was conceived as part of the Federal Government’s interventions to assist small and growing businesses that were negatively affected by the pandemic.“This track had an initial target of 100,000 MSMEs across the country. By the time the portal closed, we had received a total of 65,976 applications across the country out of which we have verified and pre-qualified 50,032 MSMEs that we are presently processing to off-take their products,” she said.She explained that the scheme was originally scheduled to be flagged-off earlier but was delayed as the committee sought to address all issues arising from other schemes that had been implemented.Katagum itemised some of the problem issues to include failed payments, balancing value and ensuring equity among states.On the issue of verification and pre-qualification, she said that applications were invited from all states in Nigeria, adding that beneficiaries must be Nigerian citizens with valid BVN and having a staff strength of not less than three.Giving a scorecard of government’s effort in other schemes, the minister said that the Survival Fund had made great progress in other schemes that had been implemented.“Under the Payroll Support Scheme, our initial target was to reach 500,000 beneficiaries. Our current standing is put at 459,334 beneficiaries, out of this number we have recorded 43 per cent female-owned businesses.“The Artisan and Transport Scheme had an initial target of 333,000 artisan and transport beneficiaries.“We currently stand at 293,336 successful beneficiaries across the 36 States and the FCT.“The CAC Formalisation Support Scheme set out to register 250,000 new businesses and I can report that to date 244,162 small and growing enterprises have been successfully registered free of charge, across the 36 States and the FCT.“Also, the General MSME Grants Scheme had its initial target set at 100,000 MSMEs and we have successfully completed the provision of grants to a total of 82,491 till date.,” Katagum said.The Special Assistant to the President on MSMEs, Tola Adekunle-Johnson, explained that those who had been successfully pre-qualified would be required to return to the portal www.survivalfund.gov.ng to complete their documentation.Adekunle-Johnson, who is the Project Coordinator for the Survival Fund Initiative, explained that the shortlisted ones would get a message and have three days to return to the portal to complete the required documentation.He added that applicants would accept to move ahead or decline to cancel their application, noting that once the documentation is completed, it cannot be reversed.“Applicants are encouraged to print a copy of their completed documentation from the portal. This will be used to verify supply details at the warehouse/collection point,” he said.He added that the scheme targeted 100,000 applicants who would complete the documentation process, stating that once completed, they would receive an initial payment of N30,000 to commence production.According to him, applicants had 14 days to complete production and deliver to their selected Warehouse/Collection Point, and would, upon successful delivery of items, receive the balance of N70,000.“At the point of delivery, all items will be verified to ensure compliance for branding, packaging and quality control, and a representative of NAFDAC will run checks on all items,” he said.The Presidential Aide further explained that all stakeholders would have roles to play in verifying and ensuring that the production was according to specification and quantity.He noted that after verification of the items, the steering committee would hand them over to the state governments for distribution to public and private institutions like Schools, Isolation Centres, Hospitals and Orphanages.He, however, said that only applicants who received SMS/emails were Zeligible to continue, adding that the PDO centre would be available 9 a.m -5 p.m, Monday to Friday. (NAN)

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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