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FG To Kickstart N200 Billion Loan Disbursement For MSMEs, Manufacturers
This fund is strategically divided, dedicating N75 billion to MSMEs and another N75 billion to the manufacturing sector.
Abuja, Nigeria– The Federal Government of Nigeria has announced plans to i commence the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturers under the Presidential N200 billion Intervention Fund scheme.
It would be recalled that President Bola Tinubu launched the scheme on October 17, 2023, to cushion the effects of the removal of petrol subsidy.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, in a statement Monday, April 22, stated that the decision was taken following the success of the ongoing disbursements targeted at supporting one million nano businesses across the country.
According to her, N75 billion each has been allocated to support MSMEs and the manufacturing sector under the Presidential Intervention Fund. This is in addition to the N50 billion set aside to support the nano businesses.
“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential N200 Billion Intervention Fund.
“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSME and manufacturing sectors, aimed at boosting economic growth and industrial development.
“This fund is strategically divided, dedicating N75 billion to MSMEs and another N75 billion to the manufacturing sector.
“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting one million nano businesses throughout the country.
“Thousands of beneficiaries have already confirmed receipt with many more to come.
“We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng.
“Additionally, applicants seeking more detailed information should visit their local state Bank of Industry (boI) branch.”