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.

Approx. Beneficiary Numbers

PAYROLL SUPPORT
PAYROLL SUPPORT

488,734
Successful beneficiaries and disbursement

GENERAL MSME GRANTS
GENERAL MSME GRANTS

82,491
Successful beneficiaries and disbursement

FORMALIZATION SUPPORT
FORMALIZATION SUPPORT

250,000
CAC Formalization Support Scheme

TRANSPORT/ARTISAN GRANT
TRANSPORT/ARTISAN GRANT

331, 746
Artisan and Transport Support

GUARANTEED OFFTAKE
GUARANTEED OFF-TAKE

37,024
Guaranteed off-take Scheme

Worthy of note

  1. The program is to save over One Million, Seven Hundred Thousand (1,300,000) jobs.
  2. Over ₦64b disbursed
  3. 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.