Survival Funds; The real palliatives that saved Small & Medium Business Enterprises during the pandemic

In 2020, the world was struck with an unforeseen, unprecedented pandemic “COVID 19”. Its effects were drastic, lives were lost. The only solution at that point came at a cost, businesses had to shut down, employees were left jobless, many were left to fend for themselves and their families as they couldn’t step out of their homes for the fear of contracting this virus. But eventually Something had to be done, the citizens had to be taken care of, small businesses who couldn’t bear the effects of this pandemic had to be catered for.

With all these in mind, the Ministry of Trade, Industry, and Investment created the Survival Fund to help small and medium enterprises survive the ripple effects of COVID 19 on their business which was an initiative of the Special Advisor to the Vice President on Small and Medium Enterprises in Nigeria, Mr. Tola Adekunle.

Since the commencement of the project till date, over N10 Billion has been given out as Survival Funds to various business owners and artisans. The survival fund program included payroll support, guaranteed off-take, MSME grants, Free CAC registration and so much more across 24 states in Nigeria. 238,868 individual beneficiaries employed by 41,726 MSMEs across the country have benefited from the Payroll Support Scheme, and the number keeps going up as the program is still ongoing.

This program cuts across various sectors such as hospitality, transportation, health and so much more, this has successfully reduced the effects of COVID 19 on so many businesses across Nigeria.

If there’s anything the government has done right, this is one to be counted and the people are grateful for it.


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