In a bid to mitigate the impact of subsidy removal on small businesses, the federal government is set to disburse N50,000 to nano businesses in all 774 local government areas. This initiative, part of the Presidential Conditional Grant Programme, aims to support manufacturers, SMEs, MSMEs, and businesses adversely affected by subsidy adjustments.
The Minister of Industry, Trade and Investment, Ms Doris Uzok-Anite, outlined the disbursement plan, emphasizing collaboration with stakeholders, including state and local governments, federal legislators, and banks. The Presidential Palliative Loan Programme will also see the disbursement of N75 billion to MSMEs and another N75 billion to manufacturers, administered at 9% per annum.
This intervention follows President Tinubu’s earlier announcements of financial support, including a N75 billion loan to manufacturers and additional funds for SMEs and MSMEs, demonstrating the government’s commitment to sustaining economic growth.
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