Nigeria Student Forum

Am sure you have heard about ₦75billion survival fund by the
Federal Government of Nigeria. This post is about how to
apply.
In case you haven't heard about it, 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.
ABOUT 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. The
scheme is estimated to save not less than 1.3million jobs
across the country and specifically impact on over 35,000
individuals per state.
How to Apply:
Registration for Payroll Support Begins on 21st September
2020
visit www.survivalfund.ng for registration details
Features
– Payroll Support: Support 500,000 vulnerable MSMEs in
meeting payroll obligations of between N30,000 to N50,000
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
– 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
Duration : 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.
Target Beneficiaries: 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%.
Requirements
A. Employees’ company Must be registered in Nigeria under
the Corporate Affairs Commission, CAC
B. Must have BVN by company CEO
C. Must have a staff strength of no less than 3 persons
D. Must be owned by a Nigerian
Self-employed Individuals in the following categories
A. Service providers in the transportation sector, le. Bus
drivers, Taxi drivers, Ride share drivers. (Uber, Bolt Taxify etc)
and Mechanics
B. Artisans, Electricians Plumbers etc.
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.