25 Things You Need to know about 75Billion Naira MSME Survival Fund to support self-employed persons and MSMEs across Nigeria.
All about the 75Billion Naira MSME Survival Fund. The COVID-19 pandemic has created severe Economic consequences for all countries around the world. Nigeria has also been very badly hit. The lockdowns have frozen economic activities, causing massive job losses and supply chain disruptions.
The Federal Government of Nigeria is set to commence nationwide implementation of two MSMEs initiatives namely, the MSME Survival Fund with the Payroll support track as the first scheme to rollout (60 Billion Naira) and the Guaranteed Offtake Scheme (15 Billion Naira) to help cushion the impact of the COVID-19 pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.
Here are 25 Things You Need to know about 75Billion Naira MSME Survival Fund to support self-employed persons and MSMEs across Nigeria.
- It is the initiative of the Buhari led Government to response to Impact of Covid 19 in Nigeria
- Payroll Support: There will be support of 500,000 Vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,0000 per employee over 3 months
- Formalisation Support: Provide free CAC Business Name registration for 250,000 new businesses.
- General grant: Support the survival of 100,000 businesses most affected by the covid-19 pandemic with N50,000 each
- Registration for Payroll Support Begins on 21st September 2020
- All registration happens on https://survivalfund.ng/#
Watch this presentaion on how to apply in Video
- Artisan/Transport Support: provide 333,000 artisans and transport business operators with a N30,000 operations grant to reduce the effects of income loss
- Guaranteed Offtake Scheme: Bulk purchase of products from 100,000 MSMEs to protect jobs and livelihood
- The scheme is estimated to save not less than 1.3million jobs across Nigeria
- The Scheme is going to impact on over 35,000 individuals per state.
- The scheme will be implemented over an initial period of three months in order to provide immediate relief from the economic impact of the pandemic.
- The scheme targets two categories of beneficiaries namely; employees of MSMEs and Self-employed individuals
- Both schemes have made provision for a 45% female business participation and special needs participation of 5%.
- Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC
- Must have BVN by company CEO
- Must have a staff strength of no less than 3 persons
- Must be owned by a Nigerian
- Service providers in the transportation sector, le. Bus drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc) and Mechanics are considered as self employed
- Artisans, Electricians Plumbers etc are also considered
- MSME SURVIVAL FUND: The MSME Survival Fund is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard Jobs in the MSMEs sector
- There are two schemes PAYROLL SUPPORT Scheme and a GUARANTEED OFFTAKE Scheme
- In numbers, 500,000 people will be supported for payroll support
250,000 people for free CAC registration, 100,000 people will receive grant, 333,000 artisan and transporter will be supported, 100,000 people will access guaranteed offtake scheme.
- Total money to shared is 75Billion Naira and is Part of the Nigeria Economic Sustainability Plan stimulus program.
- GUARANTEED OFF-TAKE STIMULUS SCHEME: This scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVID-19 pandemic through the implementation of various initiatives aimed at boosting the production capacities of the small businesses as well as provision of grants.
The main objective of this particular scheme is to boost production capabilities of small businesses with the view to ensuring that they remain in business
Duration: The duration of implementation will be same as the payroll support Target Beneficiaries: Micro and Small businesses registered in Nigeria.
- On 21st September 2020, as soon as the portal is opened via www.survivalfund.ng ensure you register immediately so that you can be part of first set of people to benefit.
Registration for Payroll Support Begins on 21st September 2020
visit www.survivalfund.ng for registration details
Here’s more information on the 75 billion Naira
@NigeriaGov MSME Survival Fund – comprising a PAYROLL SUPPORT Scheme and a GUARANTEED OFFTAKE Scheme. The Fund is a key component of President
@MBuhari’s 2.3 Trillion Naira Nigeria Economic Sustainability Plan (NESP).
The Committee established to oversee the Fund is chaired by the Minister of State, Amb Katagum, Vice Chair is
. Secretary is Mr. Tola Johnson, SA to the President on MSMEs.
Min of State
, Amb Mariam Katagum: The Payroll Support program of #SurvivalFundNG is kicking off immediately, while the Guaranteed Offtake Scheme will launch as soon as the modalities are put in place. The two will be implemented over an initial period of 3 months.
The Minister of State for Industry, Trade and Investment, Mrs. Mariam Katagum, Thursday flagged off the National MSME Survival Fund and the Guaranteed Off-take Scheme (GOS), both targeted towards assisting Micro Small and Medium Enterprises (MSMEs) to overcome the challenges posed by the COVID-19 pandemic.
N75Bn MSME Survival Fund Registration Period.
The Registration for Payroll Support Begins on 21st September 2020.
How to Apply for N75Bn MSME Survival Fund.
- To begin your registration, visit survivalfund.ng
- Scroll to the bottom and click on “Register“
- Fill out the information necessary and proceed with your registration.
- NB: Don’t forget to print out your application form after submission. Then make sure you are able to SHARE THIS PAGE using the share buttons provided here. This will help others get informed.
How we are helping MSMEs;
Payroll support: Support 500,000 vulnerable MSMEs in meeting payroll obligations of between N30,000 to N50,000 per employee over 3 months.
Formalization Support: Provide free CAC Business Name registration for 250,000 new businesses.
General Grant: Support the survival of 100,000 businesses most affected by the COVID-19 pandemic with N50,000 each.
If you want to receive regular updates on How to Apply FG N75Bn MSME Survival Fund, kindly drop a comment below so we can keep you updated.
Registration for Payroll Support Begins on 21st September 2020