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Home Nigeria

A look into Nigeria’s post-COVID recovery scheme

Mary Asanga by Mary Asanga
June 3, 2021
in Africa, Coronavirus, Economy, Nigeria, SME
Reading Time: 2 mins read
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A look into Nigeria’s post-COVID recovery scheme

Like in many underdeveloped countries, SMEs contribute greatly to the workforce in Nigeria, but the previous months have recorded the highest percentage of lost business and jobs, making life uneasy for many Nigerians.

Unprepared for the unprecedented effects of the global pandemic, many businesses have packed up and many households still striving to make ends.

In July 2020, The Central Bank of Nigeria through the NIRSAL Microfinance Bank magnanimously announced a POST COVID recovery scheme to access up to $70,000. The objective is to assist SMEs and households cushion the effects of the pandemic.

Abiodun Ihebuzor, Chairman of the Nigeria Association of Small and Medium Enterprises Abuja applauded the initiative, stating that the project presents an indicator structured around SMEs alleviation from the impact of COVID-19, he further disclosed that banks in Nigeria will allocate 5% of its turnover for this purpose. He seemingly expressed his uncertainty and concern towards allocating the funds to all affected beneficiaries as this could be affected by a number of factors like misinformation.

Also read: Saudi fast-food chain Herfy expands to Nigeria

In October 2029, it was reported that about 14,850 families and SMEs had accessed the funds, and many others unable to access these funds despite successfully applying. A report from Daniel Odi, an entrepreneur in the central district of Abuja, confirmed the information, expressing his disappointment towards the fund allocation process. Many other entrepreneurs expressed their doubts towards this scheme as they believe that the allocated fund would rather be embezzled by political officials than used for the actual purposes it was designated.

Ihebuzor in his final statement urged Nigerians to exercise Patience.

Also read: COVID-19 puts signs of economic recovery in Mozambique at risk

“In terms of effectiveness, it is a little bit early to say it is not yet satisfactory. It is not yet satisfying because there are a lot of disgruntling comments from individuals who have applied and it is first of its kind in the country, it is a learning process,” he added.

He elaborated that one of the processes involved in accessing the fund will involve the applicant undergoing tailored training for 5 days by the Enterprise Development Institute (EDI) approved and recognized by the CBN.

Related

Tags: AbujaCOVIDDaniel OdiMary AsangaNigeriaNIRSAL Microfinance BankSMEsнигерияنيجيرياナイジェリア尼日利亚
Mary Asanga

Mary Asanga

Mary Asanga is a food biochemist, a social entrepreneur and the CEO at Kutama enterprise, a peanut snack processing company in Nigeria that's bridging the gap between health and snack by helping consumers who are diabetic and obese snack healthy. She serves as an Agronomist at Farmz2U, a food and Agritech firm helping farmers farm better with tailored agricultural expertise and access to market. She's passionate about contributing to a sustainable food system. She's recognized as a leading African entrepreneur by the African union and the African union development agency for NEPAD.

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