Buhari-led Federal Govt announces multi-billion Naira ‘survival fund’ for MSMes

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The Federal Government has announced that it is rolling out a “survival fund” that will make payroll support available in order to save jobs and sustain local production.

The support initiative, which was announced on Monday is a part of the National Economic Sustainability Plan (NESP) that was presented to President Muhammadu Buhari by the Vice President Yemi Osinbajo-led committee in June.

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The NESP, a policy response of the Buhari-led Federal Government to saving the country from a COVID-19 induced recession, include support schemes for Micro Small and Medium Enterprises (MSMEs) nationwide, a Guaranteed Offtake Scheme (guaranteeing off-take of priority products) among others.

According to the Federal Government’s announcement, details on how to access these MSME Support initiatives will be unveiled soon, by the Implementation Committee.

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The leadership of the implementation committee comprises, Chairman, Minister of State for Trade and Investment, Amb Mariam Katagum; and Vice Chairman, Mrs. Ibukun Awosika, Founder, Chair Centre LTD., also Chairman, First Bank of Nigeria.

Below: Federal Government’s document containing intervention plan for MSMEs.