The Federal Government (FG) of Nigeria, through the Federal Ministry of Industry, Trade, and Investment (FMITI) has disbursed N200 billion across three funds aimed at bolstering businesses nationwide.
Administered through the Bank of Industry (BOI) at an interest rate of 9%, these funds are targeted at enhancing economic revitalization and job creation.
Under the stewardship of Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, this initiative aligns with President Tinubu’s goal of generating 50 million jobs, ushering in economic prosperity.
The funds, categorized into the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, cater to diverse segments of the business sector, highlighting the government’s aim at facilitating entrepreneurship and innovation.
The PCGS, valued at N50 billion, targets Nano Business owners, with a commitment to support a minimum of 1,000 beneficiaries per Local Government Area (LGA) across the nation, prioritizing women and youth empowerment.
Beneficiaries of the PCGS are exempt from repayment obligations, provided they meet specific eligibility criteria.
Again , the FGN MSME Intervention Fund, valued at N75 billion, seeks to alleviate the challenges faced by Micro, Small, and Medium Enterprises (MSMEs), offering a maximum of N1 million per beneficiary at a 9% interest rate.
Similarly, the N75 billion FGN Manufacturing Sector Fund aims to bolster eligible manufacturing companies, extending support of up to N1 billion per beneficiary at a comparable interest rate, enabling growth and innovation within the sector.
In tandem with this initiative, the Corporate Affairs Commission (CAC) collaborated with Moniepoint Micro Finance Bank to register two million MSMEs, in a bid to formalize their operations.
Registrar-General/Chief Executive of CAC, Hussaini Ishaq Magaji, articulated the commission’s objective of formalizing 20 million small businesses this year, anticipating a surge in job creation and revenue generation.