In a bid to strengthen the small and medium-sized enterprise (SME) sector and stimulate economic growth, the Federal Ministry of Industry, Trade, and Investment (FMITI) has disbursed a substantial sum of N200 billion through the Bank of Industry (BOI). These funds are aimed at providing critical support to businesses across Nigeria, with an attractive interest rate of 9%.
Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, hailed the disbursement as a significant move towards realizing President Tinubu’s vision of creating 50 million jobs. The funds have been meticulously allocated across three distinct categories to cater to the diverse needs of entrepreneurs nationwide.
The first category, the Presidential Conditional Grant Scheme (PCGS), valued at N50 billion, is specifically designed to assist nano business owners. Under this scheme, a minimum of 1,000 beneficiaries per Local Government Area (LGA) will receive support, with a special focus on empowering women and youth entrepreneurs. Importantly, beneficiaries under the PCGS are not required to repay the funds, provided they meet stringent eligibility criteria.
In addition, the FGN MSME Intervention Fund, amounting to N75 billion, targets Micro, Small, and Medium Enterprises (MSMEs) facing challenges. Eligible businesses can access up to N1 million each at a favorable interest rate of 9%.
Simultaneously, the Federal Government Manufacturing Sector Fund, also worth N75 billion, aims to bolster manufacturing enterprises. Qualifying businesses stand to receive up to N1 billion each at the same competitive interest rate of 9%.
Meanwhile, a collaborative effort between the Corporate Affairs Commission (CAC) and Moniepoint MFB has resulted in the successful registration of two million MSMEs, marking significant progress towards formalizing small businesses nationwide. Hussaini Ishaq Magaji, Registrar-General and Chief Executive of the CAC, expressed satisfaction with this achievement and reaffirmed the commission’s commitment to formalizing 20 million small enterprises by the end of the year. This initiative is expected to stimulate employment opportunities and boost revenue generation across the country.
