The Federal Government has launched the National Micro, Small and Medium Enterprises, MSMEs, survival funds, a component of the N2.3 Trillion National Economic Sustainability Plan, NESP, designed to cushion the effect of the coronavirus pandemic.
The NESP was developed by the Economic Sustainability Committee, set up by President Muhammadu Buhari and chaired by Vice President Yemi Osinbajo.
The Minister of State for the Federal Ministry of Industry, Trade and Investment, FMITI, Mariam Yalwaji Katagum disclosed this to journalist during the world press conference to flag off the National MSME Survival Fund and Guaranteed Off-take Stimulus Schemes on Thursday in Abuja.
According to her the SurvivalFundN has been designed to cushion the effect of the Coronavirus pandemic on the most vulnerable MSMEs across Nigeria. Targeting 1.7 million individuals and entities across Nigeria.
She said, “The Payroll Support program of SurvivalFundN 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 SurvivalFundNG will ensure that 45% of beneficiaries are female-owned businesses and 5% are owned by persons with special needs.”
She also listed the requirement for business must have to benefit from the funds to include the following;
—Business owner must have a BVN
—Staff strength of not less than 10 for Payroll Support and 3 for GoS.
In addition to registered businesses, SurvivalFundNG will also cater to a second category of Nigerians: the Self-employed, including
—Service providers in the transportation sector, i.e. Bus/Taxi drivers, Rideshare drivers, Auto-Mechanics
— Artisans (Electricians Plumbers etc)
“As part of SurvivalFundNG, Nigerian government will also fully cover the cost of Corporate Affairs Commission, CAC, registration for 250,000 new business names.
“Every State in Nigeria including the FCT will benefit from #SurvivalFundNG. Lagos, Kano and Abia will receive special focus, on account of their status as leading MSME hubs, but no State will be left out”, Katagum added.