FG Establishes N200 billion intervention fund for MSMEs and manufacturers in Nigeria
FG Establishes N200 billion intervention fund for MSMEs and manufacturers in Nigeria
FG, The Federal Government of Nigeria has announced the establishment of the N200 billion Presidential Intervention Fund for Micro, Small, and Medium Scale Enterprises (MSMEs) and Manufacturers. Doris Uzoka-Anite, Minister of Industry, Trade and Investment, made the news on Monday in Abuja.
She stated that, following ongoing disbursements aimed at helping one million nano enterprises around the country, the government has chosen to include both MSMEs and manufacturers in the project.
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According to Uzoka-Anite, N75 billion will be distributed to MSMEs, with another N75 billion going to the manufacturing industry through the Presidential Intervention Fund.
“Now that applications for the Presidential Conditional Grant Scheme have closed, we are excited to begin the loan disbursement process for MSMEs and the manufacturing sector, which aims to support economic growth and industrial development.
“This amount is deliberately divided, with N75 billion allocated to MSMEs and another N75 billion to the industrial sector.
“We are glad to inform you that the inaugural payment to nano enterprises was successful, and we are on track to support 1 million nano businesses across the country.
“Thousands of beneficiaries have already confirmed receipt with many more to come,” she stated.
Backstory
According to arewafact with legit.ng the Federal Government has started disbursing the N50,000 Presidential Conditional Grant Scheme, also known as the Trade Grants Scheme, to nano firms nationwide.
According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), nano firms have one or two employees and a revenue of less than N3 million per year.
Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, made the admission in an Abuja statement on Tuesday.
In December 2023, she introduced the Presidential Conditional Grant Scheme (PCGS) to support nano companies under the Presidential Palliatives Programme.
If you can remember the Trade Grant Scheme, set to begin on March 9, 2024, provides cash assistance to qualifying small business owners in industries like commerce, food services, ICT, transportation, creative, and artisans, with no payback constraints.
The PCGS targets 70% women and youth, 10% individuals with disabilities, and 5% senior citizens, with the remaining 15% divided across other populations.
