The Federal Ministry of Industry, Trade, and Investment (FMITI) has allocated a total of N200 billion in funds through the Bank of Industry (BOI), offering a favorable interest rate of 9% in a landmark move aimed at bolstering businesses across Nigeria.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, hailed this development as a historic event, aligning with President Tinubu’s ambitious agenda to create 50 million jobs and stimulate economic growth.
The funds, disbursed under three distinct categories, namely the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, are managed by BOI.
Under the Presidential Conditional Grant Scheme (PCGS), valued at N50 billion, Nano Business owners will benefit, with the aim of supporting a minimum of 1,000 beneficiaries per Local Government Area (LGA) nationwide, focusing on empowering women and young entrepreneurs. Notably, beneficiaries are exempt from repayment, provided they meet specified eligibility criteria.
The FGN MSME Intervention Fund, worth N75 billion, targets alleviating challenges faced by MSMEs, offering up to N1 million per beneficiary at a 9% interest rate.
Similarly, the FGN Manufacturing Sector Fund, also valued at N75 billion, extends support to qualifying manufacturing enterprises, with each beneficiary eligible for up to N1 billion at a comparable interest rate.
Concurrently, the Corporate Affairs Commission (CAC) and Moniepoint MFB have collaborated to register two million MSMEs, marking a significant stride towards formalizing their operations.
Hussaini Ishaq Magaji, Registrar-General and Chief Executive of the Corporate Affairs Commission (CAC), lauded this milestone, emphasizing the commission’s commitment to formalize 20 million small enterprises this year, anticipating a notable surge in employment opportunities and revenue generation.
This move underscores the government’s dedication to fostering entrepreneurship, job creation, and economic prosperity across Nigeria.
Credit: Nairametrics
