FG to Register 250,000 MSMEs Under the Economic Sustainability Plan

The Federal Government has announced it is funding the registration of 250,000 Micro, Small Medium Enterprises (MSME). The selected MSMEs will be registered under the Federal Government’s Economic Sustainability Plan (ESP).

The government is also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites.

The latest development was made known by the Minister of Trade and Investment, Niyi Adebayo on Thursday via the government’s Twitter handle.

Adebayo tweeted, “Right now, under the ESP, @NigeriaGov is funding registration for 250,000 MSMEs, which would be registered at zero cost. We are also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites.”

The Nigeria Economic Sustainability Plan (NESP), approved by the Federal Executive Council (FEC) on June 24, 2020, was developed by the Economic Sustainability Committee (ESC), established by President Muhammadu Buhari on March 30, 2020.

Chaired by Vice President Yemi Osinbajo, the ESC comprised several Cabinet Ministers as well as the Group Managing Director of the NNPC and the Governor of the Central Bank of Nigeria (CBN).

The initiative was launched to drive the implementation of the various support schemes for small businesses especially Micro, Small, and Medium Enterprises (MSMEs) in the country.