Nigeria is carrying out a mass registration of MSMEs and startup businesses in an effort to disburse ₦75 billion worth in financial support to aid businesses that are critically affected by COVID-19.
The Survival Fund went live at 10 pm, 21 September. The launch was held in Abuja and graced by Amb. Mariam Yalwaji Katagum who is the Minister of State and Chair of the Steering Committee of the Schemes.
The Federal government’s Survival Fund has the aim of giving vulnerable startups and small businesses a lifeline given many are failing to meet their payroll obligations rendering many jobs at risk. Any company that has more than three employees and is registered with the Corporate Affairs Commission (CAC) is eligible.
The Nigerian government hopes to save 500,000 employees from losing their jobs in 500,000 MSMEs. It is expected that 333,000 transport business operators and artisans will receive a ₦30,000 operational cushion in the form of a grant. This will cover important sectors such as creative industries, hospitality, tourism, road transport, and educational institutions. The fund is part of the Nigerian Economic Sustainability Plan worth ₦2.3 trillion.
The mass registration exercise gives the government an updated number of MSMEs in the country, their location, and what they produce and sell. According to the National Bureau of Statistics last 2017 survey, MSMEs are about 41 million across Nigeria.
To register for the fund, you can check into https://survivalfund.ng and submit the required registration details. One first enters their personal information, activates the account, then registers the account. Other details required are the Bank Verification Number, bank account details, Corporate Affairs Commission, tax ID (optional), among others.