MSME Survival Fund

Overview

The President Muhammadu Buhari administration through the office of the Vice President Prof. Yemi Osinbajo has been monitoring, empowering, and supporting the MSME space since 2017 through the establishment of the National MSME Clinics. An initiative meant to bring MSME’s and regulatory bodies together to tackle major MSME related issues.

As a result of the activities of MSME Clinics, the government has identified major problems faced by MSMEs in the country, some of these problems include;

Access to fundingBusiness formalizationAccess to Grants and loansProduction Machines

Some of these issues gave birth to the creation of the MSME One-Stop Shop and the Shared Facility Programs.

With the advent of the COVID-19 Pandemic, it became necessary for the Government to support vulnerable micro and small enterprises already struggling to meet their payroll obligations and safeguard jobs within the creative industry. The Economic Sustainability Committee established the MSME Survival Fund to support businesses and self-employed individuals within the MSME space.

Intention

0
Beneficiaries of Payroll Support scheme
0
Beneficiaries under the Artisan and Transport Support tracks
0
Business names registered free by CAC.

State Partnership

The Chairperson has written to the 36 State Governments to notify them of the project and asked them to nominate Focal Persons to the PDO who will act as liaisons between the PDO and their respective states. The PDO has established communications with these Focal persons and has commenced their training and sensitization.

Approx. Beneficiary Numbers

PAYROLL SUPPORT
PAYROLL SUPPORT

500,000 Target Beneficiaries

GENERAL MSME GRANTS
GENERAL MSME GRANTS

100,000 Target Beneficiaries

FORMALIZATION SUPPORT
FORMALIZATION SUPPORT

250,000 Target Beneficiaries

TRANSPORT/ARTISAN GRANT
TRANSPORT/ARTISAN GRANT

333,000 Target Beneficiaries

GUARANTEED OFFTAKE
GUARANTEED OFFTAKE

100,000 Target Beneficiaries

Worthy of note

  1. The program is to save over One Million, Seven Hundred Thousand (1,300,000) jobs.
  2. Special focus will be given to 45% female owned MSME’s and 5% Special needs owned MSME’s and give grants to self-employed individuals especially service providers like Bus drivers, Taxi drivers, ride share drivers and artisans such as electricians and plumbers.

Note

  1. PAYROLL SUPPORT – This track targets 500,000 individual beneficiaries. The scheme will support MSME payroll obligations by paying between N50,000 (max) and N30,000 (min) to between 3 (min) and 10 (max) staff for 3 months.
    TARGET BENEFICIARIES – MSMEs in the Hospitality industry, Private Schools, Factory owners, Law Firms, Hospitals etc.
  2. GENERAL MSME GRANTS – N50,000 Grants to 100,000 MSMEs. This group of beneficiaries is encouraged to take advantage of registration through MSME Associations, registered Business Clusters, Trade Associations and Unions etc.
    TARGET BENEFICIARIES – All qualified MSMEs
  3. FORMALIZATION SUPPORT (CAC REGISTRATION) – Registration of 250,000 new businesses with the Corporate Affairs Commission (CAC). At no cost to the MSMEs. The FG will pay CAC N6,000 for each registration.
    TARGET BENEFICIARIES – All MSMEs that require formalization.
  4. ARTISAN TRANSPORT GRANTS– One-off Payment of N30,000 to each beneficiary. The following shall be the categories of self-employed individuals eligible to participate in the Survival Fund Scheme.
    TARGET BENEFICIARIES – Mechanics, Taxi Drivers, Hairdressers, Keke Napep Riders, Okada riders, plumbers, electricians etc.
  5. GUARANTEED OFFTAKE STIMULUS SCHEME – The objective of the MSME Guaranteed Offtake Stimulus Scheme is to protect and sustain the income of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products.
    TARGET BENEFICIARIES -MSMEs in the production Sector.