As we adapt to the pandemic, terming the current condition as the ‘new normal’ and as restrictions are gradually being lifted by the Presidential Task Force on Covid-19, MSMEs are still struggling to survive while dealing with increased cost of production, low sales due to increased prices of output, high cost of raw materials, inability to cover the cost of labour and many others. These problems have also led some MSMEs to close down their business thus increasing the unemployment rate in the country.
To further cushion the adverse effects of the pandemic on the growth of MSMEs, the Federal Government has taken another step to introduce the N60 billion MSME Survival Fund and N15 billion Guaranteed Off-take Scheme as part of the Nigerian Economic Sustainability Plan (NESP), to boost the economy by saving existing jobs and creating new job opportunities.
The fund aims to assist MSMEs by providing;
- Payroll support to MSMEs in meeting payroll obligations
- Free CAC Business registration for 250,000 new businesses
- Artisans/Transport support
- Grant of N50,000 for 100,000 MSMEs adversely affected by the pandemic
- Means for bulk purchase of products for 100,000 MSMEs
Target beneficiaries of the funding schemes include; Registered MSMEs, employees of MSMEs and self-employed individuals.
Registration is on!!!!
For more information and details on registration, visit www.survivalfund.ng