FG RELEASES N200 BILLION TO STIMULATE BUSINESSES ACROSS THE COUNTRY

The Nigerian federal government, through the Federal Ministry of Industry, Trade, and Investment (FMITI), has allocated N200 billion across three funds with the aim of strengthening businesses nationwide. Administered by the Bank of Industry (BOI) at an interest rate of 9%, these funds are designed to promote economic revitalization and job creation.

Under the leadership of Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, this initiative aligns with President Tinubu’s objective of generating 50 million jobs to foster economic prosperity.

The funds are divided into the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, catering to various segments of the business sector and highlighting the government’s commitment to facilitating entrepreneurship and innovation.

The PCGS, valued at N50 billion, is focused on supporting Nano Business owners and aims to assist a minimum of 1,000 beneficiaries per Local Government Area (LGA) across the nation. Priority is given to women and youth empowerment, and beneficiaries are exempt from repayment obligations if they meet specific eligibility criteria.

The FGN MSME Intervention Fund, valued at N75 billion, is designed to address the challenges faced by Micro, Small, and Medium Enterprises (MSMEs). It offers a maximum of N1 million per beneficiary at a 9% interest rate.

Similarly, the N75 billion FGN Manufacturing Sector Fund seeks to support eligible manufacturing companies, providing assistance of up to N1 billion per beneficiary at a comparable interest rate to encourage growth and innovation within the sector.

In parallel with this initiative, the Corporate Affairs Commission (CAC) partnered with Moniepoint Micro Finance Bank to register two million MSMEs, aiming to formalize their operations. The Registrar-General/Chief Executive of CAC, Hussaini Ishaq Magaji, expressed the commission’s goal of formalizing 20 million small businesses this year, anticipating an increase in job creation and revenue generation.

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News Source: Techeconomy