The Federal Government has announced plans to commence the loan disbursement process for micro, small, and medium enterprises (MSMEs) and manufacturers under the Presidential N200 billion Intervention Fund scheme. This initiative, launched by President Bola Tinubu on October 17, 2023, aims to mitigate the effects of the removal of petrol subsidy.
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, stated in a recent statement that the decision to disburse the funds was made following the success of the ongoing disbursements targeted at supporting one million nano businesses across the country.
A total of N150 billion has been allocated to support MSMEs and the manufacturing sector under the Presidential Intervention Fund, with N75 billion each dedicated to these sectors. This is in addition to the N50 billion set aside to support nano businesses.
Uzoka-Anite expressed the government's pride in announcing the operational launch of the MSME and Manufacturing segment under the Presidential N200 Billion Intervention Fund. She emphasized that this initiative is aimed at boosting economic growth and industrial development in the country.
She encouraged eligible enterprises to apply for the fund by visiting the official application portal at www.fedgrantandloan.gov.ng. Additionally, applicants seeking more information should visit their local state Bank of Industry (BoI) branch.
The minister highlighted the success of the initial disbursement to nano businesses and expressed optimism about supporting one million nano businesses across Nigeria. She noted that thousands of beneficiaries have already received funds, with many more expected to benefit from the scheme.
No comments:
Post a Comment