The 10-man project Steering Committee has received a proposal from the FG to consider and approve an extension for the Survival Fund registration.
State governments had appealed for an extension after the portal closed on October 15 having run for about a month according to the Special Assistant to the President on Micro Small and Medium Enterprises (MSMEs), Mr Tola Johnson.
The FG Survival Fund is a series of fund drafted from the N2.3 trillion Nigeria Economic Sustainability Plan (NESP). The FG releases specific amounts on occasions to support small businesses in the country after the COVID-19 pandemic hit.
Funding is ongoing for the first batch of MSMEs who had registered for the survival fund in September.
To register now, go to https://www.survivalfund.gov.ng, look at the upper right-hand corner and click on Start here. The page below shows the options to choose from. All three are currently inactive and will reopen only with the approval of an extension.
Survival Fund Registration
Registration for the National MSME Survival Fund estimated at N60 billion and the Guaranteed Off-take Scheme (GOS), N15 billion both amounting to N75 billion opened in September.
- FG Releases One-Time Survival Fund of N30,000 to 333,000 MSMEs
- Application For The N75 billion Youth Investment Fund – FG
However, many states experienced lagging internet connections and fraudulent activities according to Johnson.
MSMEs and self-employed people will receive the survival fund with a few conditions. The FG expects that N30-N50,000 for 400,000 beneficiaries would cover payrolls and keep jobs hit by COVID-19 pandemic.
It will disburse the said amount to MSMEs with 10-50 employees over an initial period of three months. Tola Johnson also noted that not all workers will benefit from the scheme as the FG can not meet up with numbers.
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