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FMITI Migrates the MSMEs Survival Fund Website Today

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The Federal Ministry of Industry Trade and Investment has announced that the MSMEs Survival Fund website will be migrating due to operational challenges.

The Federal Government has moved the website of its Survival Fund with effect from Today, November 1st.

This was disclosed by the Personal Assistant to President Muhmmadu Buhari, Bashir Ahmad on behalf of the Ministry of Industry Trade and Investment via his Twitter handle on Saturday.

He tweeted, “The Ministry of Industry Trade and Investment wishes to inform the general public that due to operational challenges the Survival Fund website will be migrating with effect from tomorrow, Nov. 1st, 2020.”

https://twitter.com/BashirAhmaad/status/1322630714651758592

Last month, the Federal Government had commenced the disbursement of N30,000 one-time grant to 330,000 artisans across the country. The grant was launched across Lagos, Kano, Abuja and nine other states, as the first batch.

The grant, which is under the MSME Survival Fund, is part of the Nigerian Economic Sustainability Plan Initiated by the Federal Government on the 1st of July, 2020 to assist citizens and businesses operating in Nigeria.

According to the Project Delivery Office, The MSMEs website has been migrated to www.survivalfund.gov.ng and the public has been adviced not to pay any dime for the ongoing CAC Registration Process. the Package is absolutely free.

Read the Statement Below;

Update on Survival Fund

The Hon Minister of State, Federal Ministry of Industry Trade and Investment and Chairperson of the Steering Committee of the National MSMEs Survival Fund and the Guaranteed Off-take Stimulus Scheme, Ambassador Mariam Yalwaji Katagum wishes to inform the general public that due to operational challenges the commiitte will be effecting a change in the website of the fund.

The Survival Fund website will be migrating to www.survivalfund.gov.ng with effect from tomorrow, 1st November 2020.

The public is further warned not to pay anything for the ongoing Business Formalisation (CAC Registration) process or any of the packages under the scheme. The packages are absolutely FREE!

Project Delivery Office,
Announcer.
31-10-2020.

 

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Economy

Gov. Sule Orders DPMs, DFS To Proceed on Compulsory 3-Month Suspension over Alleged Fraud of 600m

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Gov. Sule Orders DPMs, DFS to Proceed on Compulsory 3-Month Suspension over Alleged Fraud of 600m

Governor Abdullahi Sule of Nasarawa State on Sunday directed the Local Government Service Com­mission (LGSC) to send all the Directors of Personal Management (DPMs) and Directors of Finance and Supplies (DFS) in the 13 local governments and 18 development areas to go on compulsory suspension for three months.

Sule said the suspension was to monitor the pay­ment of salaries of local government workers by the state auditor general, which was lingering for three months.

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The directive was contained in a statement signed by Public Relations Officer in the Ministry for Local Government and Chieftaincy Affairs, Ibrahim Adamu Shigafar­ta, and made available to newsmen in Lafia, the state capital.

Gistflash gathered that the council officials were suspended because they refused to work with directive of the a committee set up by government to investigate the discrepancies and high wage bills incurred by local governments.

 

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Economy

How to Apply for Nigeria Youth Investment Fund (NYIF) – Application Portal & CBN Requirements

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How to Apply for Nigeria Youth Investment Fund (NYIF) – Application Portal & Requirements

The Federal government has officially unveiled the registration portal for the N75 Billion Nigeria Youth Investment Fund (NYIF), thereby paving the way for interested young Nigerians between the age of 18-35 years old to apply.

OBJECTIVES
• Improve access to finance for youth and youth-owned enterprises for national development.
• Generate much-needed employment opportunities to curb youth restiveness.
• Boost the managerial capacity of the youth and develop their potentials to become future large corporate organizations.

ELIGIBILITY

Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme – AgSMEIS loans that remain unpaid are NOT eligible to apply. Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.

Successful applicants will undergo 5 days of compulsory online training which is free. Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years.

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REQUIREMENTS
• Phone number
• Gender
• Residential Address
• Geo-Political Zone
• State of Origin
• LGA
• Educational Level
• Select Preferred Training Center
• How did you hear about NYIF? (select option)

Youth with business ideas that require funding can apply for the fund through the
following link, click here.

The Central Bank of Nigeria (CBN) has also released the framework for young Nigerians between the ages of 18-35 to access the N75 Billion Nigeria Youth Investment Fund (NYIF) Loan. The N-YIF, an Initiative of the Federal Ministry of Youth and Sports Development, is to be managed and disbursed by the NIRSAL Microfinance Bank (NMFB).

According to the CBN framework, the Nigerian Youth Employment Action Plan was developed as a built-in strategy to respond effectively to the youth employment challenge in Nigeria. The NYIF aims to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.

(a) Informal Business Enterprises (Individuals and Sole Proprietors)
The CBN agreed that a huge percentage of youth with the age bracket are engaged in the informal sector. Accordingly, the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record; and be accurately captured as active participants in economic development. An eligible youth must fulfill the following conditions:
(i) Be a youth within the age bracket of 18-35 years.
(ii) Have business/enterprises domiciled and operational in Nigeria.
(iii) Has not been convicted of any financial crime in the last 10 years.
(v) Has a valid Bank Verification Number (BVN)
(vi) Possess Local Government Indigene Certificate.

(b) Formal Business Enterprises (Youth Owned Enterprises)
These are enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC). Documents Required:
(i) Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
(ii) Business questionnaire;
(iii) List of Directors with BVN nos.;
(iv) Evidence of regulatory approvals (where applicable);
(v) Tax Identification Number (TIN).
Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations that fall within the eligible age bracket are also eligible to participate.

ELIGIBLE BUSINESSES
Legally allowed activities in the sectors or focal areas listed below shall be eligible:
(i) Technology/ Innovation;
(ii) Agriculture and related value chain;
(iii) Green Economy and Renewable energy sector;
(iv) Manufacturing,
(v) Hospitality/Tourism;
(vi) Construction;
(vii) Logistics and supply chain;
(viii) Healthcare value chain,
(ix) Creative sector and
(x) Trading and Services.
(xi) Others as may be determined by NYIF/CBN from time to time.

Tenor: Maximum of 5 years depending on the nature of the business and the assets acquired.

Interest Rate: The interest rate under the intervention shall be at not more than 5% per annum (all-inclusive).

APPLICATION PROCEDURE
The MYSD will collaborate with relevant stakeholders to identify potential training
for training/mentoring.
The youths that are duly screened (Applicants shall undergo a compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development) shall be advised to log on to the portal provided by the NMFB to apply for the facility.

To ensure equitable participation and even access to finance by the youth across the country, applications will be batched according to State and Local Government Areas (LGA) of applicants. The Bank promotes gender parity, therefore the female entrepreneurs are encouraged to apply.

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Canada Set to welcome 1.2M immigrants by 2023

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Minister Macro Mendicino

Canada Set to welcome 1.2M immigrants by 2023

Minister Marco Mendicino, the Canadian Immigration minister has unveiled the plan, calling it an “ambitious” three-year immigration plan that set targets for bringing skilled workers, family members and refugees into Canada.

The country aims to bring 401,000 new permanent residents in 2021, 411,000 in 2022 and 421,000 in 2023.

Last year’s plan promised to bring in more than one million immigrants over a three-year period, but the Covid-19 crisis and the resulting travel restrictions have slowed down the process.

 Minister Marco Mendicino said the government remains committed to welcoming newcomers as a means to keep Canada’s economy afloat.

At a news conference in Ottawa, Mendicino said immigrants drive the population and economic growth that pays for vital programs such as health care.

“Put simply, we need more workers, and immigration is the way to get there,” he said.

Mendicino said that he’s confident the government can meet the targets despite the global health crisis, by working around travel restrictions while adhering to safety measures such as mandatory quarantines.

He said the government will aim to attract workers to fill labour gaps in regions facing sector shortages.

“With nearly 60 per cent of all new admissions in the economic class, our plan will continue to focus on Canada’s economic growth,” he said.

The breakdown of next year’s plan includes:

232,000 immigrants in the economic class.

103,500 in the family class.

59,500 refugees and protected persons.

5,500 on humanitarian and compassionate grounds.

Gistflash gathered that Nigerian are the most populated immigrants in Canada and most of the skilled workers in Canada are also Nigerians.

Traditionally, Ottawa’s goal in immigration policy has been to attract top talent in a competitive global market while reuniting families and offering refuge to people displaced by disaster, conflict and persecution.

In its last three-year plan, the federal government sought to bring in 341,000 immigrants this year, 351,000 next year and another 361,000 in 2022.

The government did not offer a precise figure on how many immigrants have arrived in Canada so far this year, but says it’s on track to meet half of its 341,000 target by year’s end.

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