Economy
COVID-19: Osinbajo lists support schemes for MSME survival
Vice President Yemi Osinbajo says the Federal Government, through the National Economic Sustainability Plan (NESP), is set to implement a number of schemes to keep Micro Small and Medium Enterprises(MSMEs) afloat.
The vice president listed Survival Fund including payroll support for three months, guaranteed off-take scheme among others as part of efforts to support small businesses in Nigeria to survive the effects of the COVID-19 pandemic,
Osinbajo’s spokesman, Laolu Akande, in a statement on Thursday in Abuja, said the vice president spoke at the 2020 edition of the Micro MSMEs Awards which held via video conference.
He said that locally, businesses were facing their most challenging time and the impact was particularly severe on MSMEs
“The central plank of our response as a government to the economic challenges posed by the COVID-19 pandemic has been the Economic Sustainability Plan recently approved by President Muhammadu Buhari and the Federal Executive Council.
“In that plan which essentially envisages an overall N2.3 trillion stimulus package, we made extensive provision for financial support to MSMEs, ranging from a guaranteed off-take scheme to a survival fund that includes a payroll support programme for qualifying businesses.
“The guaranteed off-take scheme seeks to provide support for MSMEs, manufacturing local products by guaranteeing the purchase from them of qualifying products such as face masks, hand sanitisers, Personal Protective Equipment(PPE) for medical workers among others
“These products will be distributed to Nigerians, Nigerian institutions and entities that would require them.
“The survival fund will help provide payroll support to MSMEs with a minimum of 10 and maximum of 50 staff. The MSMEs that qualify for these will make available their payroll for verification by government.
“Companies that meet the requirements will then be eligible to have the salaries of their verified staff paid directly from the fund for a period of three months.”
According to the vice president, the target beneficiaries of this scheme will include private schools, hotels, road transport workers, creative industries and others.
He said that the verification process would be very rigorous and painstaking.
Osinbajo added that N200 billion would be made available to MSMEs in the priority sectors such as healthcare, agro processing, creative industries, local oil and gas, aviation among others.
“This will be granted through a scheme jointly run by the Bank of Industry and Nigerian Export Import (NEXIM) Bank especially for export expansion.
“The CBN is also committed to creating a N100 billion target credit facility for MSMEs.
“Already the recently signed Finance Act already made provision for graduated company income tax rates with zero rates for small companies and a rate reduction for medium sized companies.”
The vice president said that the Federal Government would continue to implement similar focused MSME interventions around the country.
Osinbajo said that Kaduna state, for example, was working on a tomato paste production plant while Lagos was putting together a fashion hub.
He said that FCT was equally set to launch a carpentry cluster while Anambra state was almost ready to commission its leather works cluster.
“All of these are scheduled for 2020.
“In 2021, Edo, Ekiti, Katsina, Ogun, Bauchi and Enugu States would commission shared facilities that will bring MSMEs together by cluster and provide shared equipment and resources and business support hub.’’
He commended the participants at the awards for their ingenuity in starting up and sustaining their businesses, urging those who were not shortlisted not to relent in what they were doing.
Osinbajo also commended all those who had started businesses in Nigeria, no matter how small, describing them as champions.
“Every person who has taken it upon themselves to start a business in Nigeria no matter how small is a champion and we as a government owe it to you to create an enabling environment for you to thrive.
“This is President Buhari’s commitment to MSMEs in Nigeria, that we will continue to stand by you and to support you and to create opportunities for you to grow and prosper,” he said.
Adejoke Lasisi of Planet 3R Limited won the MSME of the Year Award while Kaduna State was awarded the Best MSME Clinic Support State.
The winners got cash and car prizes.
The event was attended by several state governors and their representatives, the FCT Minister Malam Muhammed Bello, the Minister of State, Trade and Investment, Amb. Mariam Katagum, various heads of MDAS and captains of industry.(NAN)
Economy
FGN Poised To Dismantle Kidnap Economy – General Laka

From Lateef Taiwo
The Coordinator, National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has reaffirmed the commitment of the Federal Government of Nigeria (FGN) to ending kidnap economy in the country.
General Laka stated this while briefing newsmen on the activities of the Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the United Kingdom – National Crime Agency on Tuesday in Abuja.
He said the centre had officially launched the State Expansion Programme of the Multi-Agency Anti-Kidnap Fusion Cell, bridging a critical gap between national security coordination and state-level tactical response.
The National Coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.
He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.
The national coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.
He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.
General Laka noted the cell had played key roles in supporting rescue operations, disrupting kidnapping networks, and improving interagency coordination.
According to him, experience has shown that while national coordination is crucial, state-level engagement is also indispensable.
“Too often, real-time intelligence, local knowledge, and operational readiness reside with field commands, while national coordination can only succeed when it is informed by ground realities.
“This is the primary purpose of this programme – to close the gap between national-level coordination and state-level response. Essentially, to build direct operational linkages between the Cell and state commands across the country,” Laka said.
Economy
Food Security: Sanwo-olu Commended Over Launch of ₦500bn ‘Produce for Lagos’

The Good Governance Campaign Forum (GGCF) has praised the Lagos State Government for launching the “Produce for Lagos” programme, describing this initiative and its ₦500 billion Offtake Guarantee Fund as a brilliant solution to the food insecurity challenges the nation faces.
The Forum issued this commendation in a statement signed by its Coordinator, Rahman Suleiman, on Wednesday, following the official unveiling ceremony of the program earlier in the week.
The program aims to transform Lagos’ food system and reduce the state’s dependency on external food sources, receiving positive recognition both within and outside the state for the Sanwo-Olu-led government’s efforts.
According to Suleiman, the initiative is timely and represents a pioneering collaboration between the Lagos State Government, the private sector, the Lagos Food Systems Infrastructure Company (LAFSINCO), Ekolog, and the Lagos Bulk Trading Company. He noted that this model is designed not only to enhance food production and logistics across the state but could also serve as a scalable framework for improving livelihoods and national resilience.
Suleiman shared insights from the Forum’s sampling of public opinion in Lagos and other states, indicating that people are pleased with the Lagos State Government’s strategic programs aimed at tackling hunger and starvation. He emphasized that a key component of the “Produce for Lagos” program is its data-driven approach, which will help address agricultural inefficiencies and strengthen value chains.
“Food security is a collective responsibility that we cannot afford to neglect as a nation,” Suleiman stated. “We are grateful to God for providing us with a leader like Sanwo-Olu, who is visionary, forward-thinking, and compassionate toward ordinary people.”
He commended Governor Sanwo-Olu for consistently setting benchmarks and leading by example in subnational governance. These achievements underscore the economic growth, infrastructural development, and urban planning efforts of the Lagos government.
“Governor Sanwo-Olu is a trailblazer; he has done exceptionally well, and we fully support his programs and policies. His work over the past six years speaks for itself,” he added.
Suleiman noted that this initiative, a partnership between the state government and the private sector, is expected to significantly boost agricultural production.
During the launch, Governor Sanwo-Olu also announced the deployment of a fleet of 150 cold and dry trucks—the largest of its kind—in partnership with the private sector.
Business mogul Tony Elumelu, who supported the project with ₦25 billion, stated that food security is crucial and expressed satisfaction with the collaboration between Lagos and other participating states.
Other prominent individuals at the event included Amir Kamel, Vice President of Afreximbank, and Michel Deleen, the Consul General of the Kingdom of the Netherlands, among other dignitaries.
Economy
Constitution Amendment: Group Urges NASS, FG To Prioritise Restructuring, Regionalism

… rejects the creation of new states
A prominent youth organization, the Youth Bureau, has urged the National Assembly to prioritize genuine restructuring of Nigeria, emphasizing regional autonomy and the establishment of State Police without further delay. This call comes as the legislature reviews the nation’s constitution.
The demand was articulated in the group’s Position Paper presented to the National Assembly Committee on Constitutional Amendment for the South-West Zone, which convened recently in Lagos.
In a statement signed by its Southern Coordinator, AbdulRahman AbdulRazaq, on Thursday in Lagos, the Youth Bureau also rejected calls for the creation of new states. The group warned that the Supreme Court’s judgment on local government contradicts their position, asserting that its implementation should be set aside. They believe only the State Government should have the authority to create local governments.
AbdulRazaq urged President Bola Ahmed Tinubu to prioritize comprehensive restructuring, as it is fundamental to effective governance and development. He encouraged the National Assembly Committee on Constitutional Amendment to make bold decisions that will have a positive impact on the populace.
He pointed out that the regional governments established in the late 1960s in Nigeria facilitated healthy governance and development, particularly under the Action Group government led by Chief Obafemi Awolowo in the Western Region. During that period, significant advancements were made in free education initiatives, healthcare infrastructure, industrialization, and overall infrastructure growth.
AbdulRazaq noted that the abolition of regional autonomy by the late General Aguyi Ironsi led to a unitary system of government, which resulted in excessive concentration of power in the central government, a lack of adherence to the rule of law, and restricted resource control and financial autonomy for the regions.
The Youth Bureau’s position paper includes the following demands and recommendations for the National Assembly Committee on Constitutional Amendment:
Our Demands
We urge the National Assembly Committee to consider the following:
- Genuine restructuring of the country based on regional autonomy.
- No need for the creation of additional states.
- The formation of State Police without further delay.
- Recognition that local government is a component of state government; the Supreme Court’s judgment on local government contradicts this principle, and its implementation should be set aside. Only the State Government should have the authority to create local governments.
Conclusion
We believe that a decentralized governance system founded on devolution and decentralization will ensure political and fiscal autonomy for its component units and promote equity among them. We urge President Bola Ahmed Tinubu to prioritize comprehensive restructuring and encourage the National Assembly Committee to make bold decisions that positively affect the citizenry.
Recommendations
- Decentralize governance in theory, practice, content, and character.
- Ensure equity among the component units.
- Guarantee political and fiscal autonomy for the regions.
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