Oluchi Johnson-Achibiri has a background in Management Consulting and is…
75 Billion Naira MSME Survival Fund and Guaranteed Off-Take Schemes (GOS) For MSMEs
In keeping to its promise to support businesses overcome the challenges posed by the COVID-19 pandemic, the Federal Government, is set to commence nationwide implementation of two MSME initiatives namely; the MSME Survival Fund with the Payroll support track as the first scheme to roll-out (60 Billion Naira) and the Guarantee Off-take Scheme (15 Billion Naira)
Both schemes are at the core of the N2.3 trillion stimulus package (also known as the Nigerian Economic Sustainability Plan, NESP) being implemented by the Buhari administration 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.
MSME Survival Fund
The scheme is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSME sector. The scheme is estimated to save not less than 1.3 million jobs across the country and specifically impact on over 35,000 individuals per state
Other details include:
Both schemes have provisions for a 45% female business participation and special needs participation of 5%
Employess of MSMEs – The benefiting companies have to meet the following criteria:
A. Employees’ company must be registered in Nigeria under the Corporate Affairs Commission, CAC
B. Must have a 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, i.e Bus drivers, Taxi drivers, Ride share drivers,(Uber, Bolt (Taxify) etc) and mechanics.
B. Artisans, Electricians, Plumbers, etc
Guaranteed Off-take Stimulus Scheme
The scheme will protect and sustain the income of vulnerable micro and small enterprises from the economic disruption 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 of ensuring that they remain in business.
The duration of implementation will be same as the payroll support.
Micro and Small Businesses registered in Nigeria.
Registration commencement date
September 21, 2020
For further information and registration for the schemes kindly visit www.survivalfund.ng or contact the project delivery office (PDO) at BOI House, Plot 256, Zone A, CBD Abuja, FCT.
Tel: 08076563797/ 08060503742