The Nigerian government in a recent statement revealed it had disbursed N56 billion within a year to over 1,079,323 persons and small business owners to protect them from the potential vulnerabilities brought about by the COVID-19 pandemic.
According to the minister of state, industry, trade and investment, Maryam Katagum, exactly N56,842,780,000.00 have been disbursed to business owners across the 36 states and the FCT in Nigeria
Despite the importance of this scheme and its success level according to the government, not a lot of small business owners know about it and how it works.
What Is The Survival Fund Scheme
Made up of the Payroll Support scheme, Guaranteed Offtake Scheme and MSME Grant, the Survival Fund Scheme is a Covid-19 intervention programme for small business owners and other individuals affected by the pandemic.
The scheme falls under the Nigeria Economic Sustainability Plan was approved by the Federal Executive Council (FEC) on July 1, 2020.
Impact Of The Survival Fund Scheme
At a briefing in Abuja, Maryam Katagum who is also the chairperson of the survival fund steering committee shared a breakdown of the beneficiaries of the scheme’s arms.
“The implementation of the MSME Survival Fund across the initial four tracks i.e Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme and General MSME Grants have all yielded positive results that are verifiable and measurable and the impact is huge.
“Under the Payroll Support Scheme, our initial target was to reach 500,000 beneficiaries. Our current standing is put at 459,334 successful beneficiaries across the 36 States and the FCT. Out of this number, we have recorded 43% female-owned businesses and 3% special needs.
“The Artisan and Transport Scheme had an initial target of 333,000 Artisan and Transport beneficiaries. We currently stand at 293,336 successful beneficiaries across the 36 States and the FCT.
“The CAC Formalization Support Scheme set out to register 250,000 new businesses and I can report that to date, 244,162 small and growing enterprises have been successfully registered free of charge, across the 36 States and the FCT.
“Also, the General MSME Grants Scheme had its initial target set at 100,000 MSMEs and we have completed the provision of grants to a total of 82,491 till date.
“To date, we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 (including those registered under CAC).”
Is The Fund Still Accessible?
The last phase of the scheme known as the Guaranteed Off-take Scheme (GOS) has kicked off, according to the minister.
The purpose of the GOS is to stimulate direct local production by enabling 100,000 MSMEs in the production sector with funds to produce ‘post-COVID lockdown’ off-take products.
These products include face masks, hand sanitisers, liquid soap, disinfectants and processed foods such as garri, palm oil, groundnut oil, and spices.
How To Apply
Eligible participants can take advantage of the open window via the Survival Fund Portal where applications would be verified in line with the project’s approved criteria such as Nigerian citizenship; registered business with a copy of the Corporate Affairs Commission (CAC) certificate; verifiable BVN of the business owner and evidence of staff power not less than three persons.