The Fifth Edition of the annual Lagos Small Business Summit organized by SME100Africa in commemoration of the Global Entrepreneurship Week was held virtually with an outstanding attendance of inquisitive entrepreneurs who registered in their thousands looking for relevant tips, skills, and knowledge about business in Nigeria. The event was chaired by Mr Charles odii the Executive Director of SME100Africa. The keynote address was delivered by Honourable Niyi Adebayo, Minister of Industry, Trade, and Investment where he spoke on how Government and small business owners can keep up with the market.
A participant of the Lagos small business summit Ms Lola Petra Allen, a small business owner who is the CEO of Lola Petra Ventures which specializes in Trading, bakery, food and Beverages based in Ogun states spoke up to testify and show appreciation of the FG survival funds, she shared her experience before, during, and after applying for the survival fund. Ms Lola announced that the day before 4 of her staff members were credited a sum of N30,000 by the FG and the Honourable Minister Niyi Adebayo Honourable Minister Niyi Adebayo showed his appreciation of Ms. Lola’s testimony, stating that although many had received their funds from the program, they did not come forward to share about it but she did.
Ms. Lola went on to share her entire experience when asked by the host and CEO of Inversion STC, Brian Oji to explain to those in doubt and seeking more answers how it all went down; She stated that she got the link through a former institution school group and decided to check the legitimacy of the link; once she had confirmed this, she went on to apply just like everyone else and decided to keep following up for changes and necessary requirements. She got to a stage where she was expected to register her staff which she could not register because 2 members had prior issues with their Bank Verification Number (BVN) and had to be dropped otherwise her application would not have been accepted; after this stage, she and her staff were captured and eventually got to the final verification stage. The entire process led up to her employees being paid by 7 am the previous morning.
The Federal Government MSME Survival Fund Program is a part of the Economic Sustainability Plan, which aims to support and protect businesses from the potential vulnerabilities brought about by the COVID-19 pandemic. The program has 3 parts which any MSME business owner is eligible, the MSME Revolving Guaranteed Off-take Scheme, The Payroll support and MSME Grant. Click here to apply and receive the funds that can help keep your MSME afloat during this pandemic.