Southwest MSMEs yet to benefit from N50b Covid-19 bailout funds

By Charles Okonji


SOUTHWEST stakeholders operating micro, small and medium enterprises (MSMEs) have expressed outrage over their inability to access the N50 billion bailout funds released by the federal government to cushion the devastating effects of the Covid-19 pandemic on small businesses.

The Chairman of Lagos State branch of the Nigerian Association of Small and Medium Enterprises (NASME), Dr. Adams Adebayo who disclosed this to The Nation stated that none of his members got the loan, stressing that the process was not transparent enough.The N50b Covid-19 bailout fund is the Central Bank of Nigeria (CBN) targeted credit facility/stimulus package to support households and MSME; that were affected by the pandemic.

According to him, majority of its members did received alert that the Covid-19 loan have been approved for them but was yet to receive the fund thus raising suspicions among their ranks that something may be amiss.

He pointed out that the only loan some people…

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