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Business

FG’s Survival Fund Programme has impacted over 300,000 beneficiaries – Trade and Investment Minister

As of December 2020 over 300,000 beneficiaries under the Payroll Support scheme, and 166,000 artisans have benefited from FG’s Survival Fund programme.

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The Minister of State, Industry, Trade and Investment, Ambassador Mariam Katagum, has disclosed that over 300,000 beneficiaries under the Payroll Support scheme and 166,000 artisans have benefited from FG’s Survival Fund programme.

The statement was made by her during the first MSME stakeholders meeting in 2021, which held yesterday and was attended by the Vice-President of Nigeria and other key stakeholders.

READ: Nigeria’s economy will grow by 2.4% on average in 2021-25 – CEBR

The Minister stated that the implementation of the Survival Fund across different areas have lessened the burden of the pandemic on businesses in the country, as the support provided through the Survival Fund will go a long way in cushioning the impact of the pandemic, as observed in comments captured in the testimonies of beneficiaries of the various tracks under the scheme.

READ: Payroll Support Program: FG pays 101,567 beneficiaries first-month salary

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She revealed that the Survival Fund initiative of the Government has impacted over 300,000 beneficiaries under the Payroll Support Scheme, as the FG has successfully completed enumeration and disbursement to 166,000 Artisans as of December 2020,

In light of this, Mariam stated that the Federal Government, through the Survival Fund, has filled the gap created due to the pandemic.

READ: FG warns applicants of N75 billion MSME Fund against fraudulent websites

Other stakeholders, including heads of government agencies, expressed their commitment to work together to impact more businesses in the MSMEs space in 2021.

READ: 4.48 million beneficiaries apply for N-Power jobs in 16 days

What you should know

  • The Survival Fund scheme was designed to cushion the economic effects of the COVID-19 pandemic, and the economic vulnerabilities which impacted the operating segment and income of small businesses.
  • The scheme is a conditional grant under the Nigerian Economic Sustainability Plan, NESP, to support vulnerable MSMEs in meeting their payroll obligations and safeguard jobs in the MSMEs sector.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

7 Comments

7 Comments

  1. Abba Barau Mai-fanka

    January 13, 2021 at 12:23 am

    I have no received my second payment

  2. Almustapha yusuf

    January 13, 2021 at 12:51 pm

    Dears,am not been able to see my 30000 survival Fund as a successful applicant from Gusau,Zamfara State.

  3. Kefas Nanpan

    January 13, 2021 at 6:24 pm

    Please reconsider this payment because everything about my application was successful but only one person got the first payments in my school. Check it again play please.

  4. Bisco Tee Frozen Foods

    January 13, 2021 at 7:54 pm

    My staff members & I have received our three months survival funds pay rolls support. Thanks to FGN.

    • Anonymous

      January 14, 2021 at 11:26 pm

      We in adamawa State up to now we are yet to receive our second and third disbursements we don’t know why

  5. Yusuf musa

    January 15, 2021 at 7:43 am

    I am The employee my account.an Bvn an CAC has been varified since Nov.but I didn’t receive pay from survival fund until today.
    My company name:Yusuf Musa argo.

  6. Amadi Kanayochi Ferdinand

    January 20, 2021 at 8:22 am

    Good morning Ma my company is among the ones that are asked to complete their application which actually I did and have been verified and also have received call but up to date ma we are yet to receive a payment I just want to ask ma is payment still on ongoing.Fadolphusexperts Nig LTD

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Business

AfDB set to mobilize $25 billion to scale up African climate adaptation

AfDB is mobilizing to the tune of $25billion to scale up and accelerate climate change adaptation actions across Africa.

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e-Learning Platform, Africa Development Bank. AfDB develops Index to aid women empowerment , African Development Bank awards $1.1 million to boost food production in Africa , AFDB increases capital to $208 billion in bid to secure Africa’s future , African Investment Forum: AfDB eye $67 billion deals , ECOWAS backs Adewunmi Adesina’s re-election as AfDB election nears , AfDB bows to pressure from U.S., orders an independent probe of Akinwumi Adesina, Fitch rating agency affirms AfDB's AAA rating with stable outlook, Digital Nigeria e-Learning Platform registers 16,000 users in 24 hours - African Development Bank

The African Development Bank (AfDB) has formally launched the Africa Adaptation Acceleration Program (AAAP) that would mobilize $25 billion to scale up and accelerate climate change adaptation actions across Africa.

This disclosure was made by the President of AfDB, Dr. Akinwunmi Adesina, during the Climate Adaptation Summit (CAS) 2021, hosted by the government of the Netherlands and the Global Centre on Adaptation (GCA).

According to Dr. Adesina,

  • Our ambition is bold: to galvanize climate resilience actions; support countries to accelerate and scale up climate adaptation and resilience, and mobilize financing at scale for climate adaptation in Africa
  • “Our Youth Adaptation flagship will unlock $3 billion for the youth, support 10,000 youth-led SMEs in climate resilience, and build capacity for one million youth on climate adaptation”

Dr. Adesina thanked Ban Ki-Moon for his role in the establishment of GCA’s regional office for Africa in Abidjan in 2020, which was hosted by the Bank.

He also acknowledged that the presence of John Kerry, U.S. special envoy for climate, provided a boost to global climate efforts and stated, “With you in charge, and the strong and palpable leadership of President Biden, we are reenergized on the global agenda on climate change

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What they are saying

  • In consideration of the huge gaps in financing for adaptation in developing countries, the UN Secretary-General, Ban Ki Moon, called for 50% of all climate finance provided by developed countries and multilateral development Banks to be allocated to adaptation and resilience in developing countries, noting, “the African Development Bank set the bar in 2019 by allocating over half of its climate financing to adaptation.”
  • The Ghanaian president, Nana Addo Dankwa Akufo-Addo, said that his country was working with the private sector with the assistance of the Green Climate Fund, “to establish a multimillion-dollar green fund to support our climate adaptation interventions and our efforts to transition to renewable energy.”

What you should know

  • The Climate Adaptation Summit holds annually to discuss emerging climatic issues and challenges facing Africa
  • The AAAP, a joint initiative between the African Development Bank and the Global Centre on Adaptation, is expected to scale up innovative and transformative actions on climate adaptation across Africa.
  • The African Development Bank Boss participated in three sessions and outlined a number of Bank initiatives, including the $20 billion Desert to Power project to create a solar zone in the Sahel, the largest in the world.
  • The Bank’s Technologies for African Agricultural Transformation (TAAT) initiative has leveraged $450 million and provided 19 million farmers in 27 countries with climate-resilient agricultural technologies, raising average yields by 60%.

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Business

Lagos seals 10 different properties in Ogudu GRA for violating planning laws

10 different buildings in the Ogudu GRA area have been sealed by the Lagos State Government for violating physical planning laws.

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Lagos issues ultimatum to Tank Farm Operators over planning permit, Lagos seals 27 residential and commercial buildings in Lekki, LASG Seals 19 more Buildings in Banana Island over planning permit

The Lagos State Government has sealed off 10 different buildings in Ogudu GRA for violating the state’s physical planning laws.

While leading a team of government officials for the special enforcement operation, the Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako, said owners of the property involved had chosen to remain obstinate in their wrong ways as they refused to comply with the Lagos State Physical Planning laws, despite being served the statutory notices.

He stated that the sealed property owners had breached various aspects of the law, including the development of buildings without Planning Permits, not building in conformity with approvals and not having stage certification among others.

The Commissioner emphasized that the Lagos State Government is determined to achieve a livable, orderly and sustainably built environment and would not allow any willful violation of the Planning laws of the State.

Salako also urged Developers and Property Owners, whose properties were sealed, to engage the Ministry with a view to getting the appropriate Planning Permits authorising their building construction or renovation.

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He added that law-abiding citizens of Lagos State intending to build should obtain Planning Permits from Lagos State Physical Planning Permit Authority and evidence of Stage Certification, which includes Certificate of Completion and Fitness for Habitation, from Lagos State Building Control Agency (LASBCA).

The Commissioner enjoined Lagosians not to engage charlatans in obtaining Planning Permits as they run the risk of procuring fake permits which the State government would not hesitate to disavow.

What you should know

  • The Lagos State Government through its Physical Planning and Urban Development Ministry has been on strict enforcement drive of its physical planning laws by moving against developers of illegal and unapproved buildings.
  • At different times, they have sealed off both commercial and residential properties in Lekki, Surulere, Ikoyi, Amuwo Odofin, Ogudu GRA, Ikeja and others.
  • The state government has just reviewed its planning permit processing time and reduced the layout approval process to make it easier, faster and less cumbersome for developers to obtain their planning permit.

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Business

Lagos State Government to transform Badagry into industrial and tourism hub

Lagos State Government has assured Badagry residents of plans to transform the area into an industrial and tourism hub.

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Lagos announces resumption time table for public and private schools, FESTAC town, Lagos cancels 2018 land use charge, LAND USE CHARGE, Lekki sealed buildings, Lagos state governor issues new guidelines for lockdown, consider full reopening of its economy,Sanwo-Olu gifts families of slain police officers N10 million naira each

The Governor of Lagos State, Babajide Sanwo-Olu, has announced that the state will transform the Badagry area of the state into a tourism and industrial hub.

This was disclosed on Monday during the inauguration of the reconstructed 5.5 kilometres Hospital Road in Bagadry. The Governor was represented by his spokesman, Mr Adesina Odunuga, from the State Ministry of works.

Sanwo-Olu said the transformation would be part of the State’s “administration’s infrastructure drive.”

“Our plan is to harness Badagry’s tourism and growth potentials through the provision of this 5.5km-long road.

“We have planned the execution and the completion of this road in two phases.

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“Once the road is completed, there will be corresponding economic benefits in form of new clusters of industries, commercial growth and general ease of transporting goods,’’ he said.

The Governor added that the road would be reconstructed as a dual carriage-way to connect Idale, Povita, Topo and Ajido communities to Lagos-Badagry Expressway via Joseph Dosu Road.

“The road strategically services the Badagry Marina where several tourism centres such as Agiya Tree Monument, First Storey Building and Early Missionary Cemetery in Nigeria including Slave Trade Relics /Point of No Return, Heritage Museum, Eko Theatre, Badagry VIP Chalets and a host of others are located,” he added.

What you should know

  • Nairametrics reported earlier this month that Lagos State had announced that it would increase infrastructure spending in 2021 to 60% of its budget, in a bid to repair damages inflicted by hoodlums in October 2020, following the #EndSARS protests.
  • The Lagos State Government also assured its residents that it would improve social services and expand public infrastructure to enhance productivity and economic growth.

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