ANNOUNCEMENT 19 Sep 2020

In September 2020, the Nigerian Government announced a MSME support scheme to cushion the impact of the Covid-19 pandemic. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

N75b Fund: FG asks MSMEs to Apply, Portal opens Monday. Nigerian Investment Promotion Commission. Available at: https://www.nipc.gov.ng/2020/09/19/n75b-fund-fg-asks-msmes-to-apply-portal-opens-monday/

Welcome to FG MSME Survival Fund Program. Nigeria Survival Fund. Available at: https://survivalfund.gov.ng/

Inception date: 21 Sep 2020 | Removal date: 21 Dec 2020

Financial grant

On 19 September 2020, the Government of Nigeria announced a Naira 75 billion (approx. 195.3 million USD) survival fund programme in the form of a financial grant support scheme for MSMEs in response to the Covid-19 pandemic. The support is distributed through the MSME Survival Fund and Guaranteed Off-take joint project and includes payroll support as well as cover for other expenses. MSMEs can apply to the scheme through an online portal which was set to be open for three months. 

In a comment to the support scheme, Mariam Katagum, the Minister of State for Industry, Trade and Investment, said "This event is a testimony to the continued commitment of the Federal Government of Nigeria to provide a conducive environment for operators in the MSME space." Furthermore, the Minister also noted that this support is at the core of the Federal Government's N2.3 trillion stimulus package known as the 'Nigeria Economic Sustainability Plan (NESP)'. 

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