12 °c
London
Friday, May 27, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
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
812 8
0
A look into Nigeria’s post-COVID recovery scheme
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

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
ScanSendShare328Tweet205Share57Pin74Send
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.

Related Posts

Energy

Mozambique gas to contribute to world energy transition – minister

by Club of Mozambique
May 27, 2022
Private Equity

Phatisa and DFIs co-invest in Lona Group

by Africa Global Funds
May 27, 2022
Venture Capital

Ghana CarePoint raised US$10M bridge investment

by TechGist Africa
May 27, 2022
Coronavirus, gas slump delays Exxon’s Mozambique plans
Energy

Exxon looks forward to first LNG from Mozambique later this year

by FurtherAfrica
May 27, 2022
Sonangol
Finance

Portuguese court orders return of €82M to Sonangol

by FurtherAfrica
May 27, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Energy

Mozambique gas to contribute to world energy transition – minister

by Club of Mozambique
May 27, 2022
0

The government of Mozambique believes that the country’s reserves of over 180 trillion cubic feet of natural gas will contribute...

Read more

Phatisa and DFIs co-invest in Lona Group

May 27, 2022

Ghana CarePoint raised US$10M bridge investment

May 27, 2022
Coronavirus, gas slump delays Exxon’s Mozambique plans

Exxon looks forward to first LNG from Mozambique later this year

May 27, 2022
Sonangol

Portuguese court orders return of €82M to Sonangol

May 27, 2022

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?