People & Money

FG Launches N75 Billion “Survival Fund” Scheme for Artisans and Transporters

The Federal Government has launched a new track for the N75 billion MSME Survival Fund and Guaranteed Off-Take Stimulus Scheme.

This was announced in Abuja on Thursday, by the Minister of State for Industry, Trade and Investment, Mariam Katagum.

She noted that the scheme will serve 333,000 artisans and transporters spanning all the 36 states and the Federal Capital Territory. This is to be divided into 9,009 recipients of the funds in each state.

Also Read: AfCFTA to Expand Nigeria’s Non-Oil Exports – FG

A part of the government’s poverty alleviation measures in the wake of the COVID-19 pandemic’s economic disruption, each beneficiary receives a N30,000 grant to supporting the operating of their business.

In a bid for equity, the scheme, according to the Minister, is to specifically target 45% women-owned small and medium businesses as well as SMES run by 5% special needs individuals.

This category of applications is open to transport workers such as bus drivers and taxi drivers, and artisans like mechanics, plumbers and electricians.

“One-off payment of N30,000 will be given as grant to each beneficiary. The categories of self-employed individuals eligible to participate in this track of the Survival Fund Scheme includes mechanics, taxi drivers, ride share drivers. Others include hairdressers, Keke Napep riders, okada riders, plumbers and electricians.”

In order to benefit from the scheme, those looking to apply would need to have valid bank accounts.

Also Read: Nigeria’s Oil Could Become Worthless Soon – FG

In another show of support for SMEs, he Minister also announced that, starting on Monday, the Corporate Affairs Commission will register 250,000 new businesses free of charge.

“This will be at no cost to the MSMEs. The Federal Government will pay CAC N6,000 for each registration and this is under the formalization support and it is all for MSMEs that require formalization.”

The scheme had previously been launched for other sectors: applications from MSMEs began on September 21, hospitality industry were open on September 25, payroll support on September 28. After its initial launch on September 21, the scheme saw an unprecedented 174,574 registrations within the first 48 hours.

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