The Bank of Industry (BoI) has declared that it will support firms and manufacturers across the country by allocating a total of ₦200 billion across three funding categories.
The Presidential Conditional Grant Scheme, the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund are included in the funds, the development bank said in a statement.
To help eligible owners of nano businesses, a ₦50 billion grant program has been approved under the Presidential Conditional Grant Scheme.
This funding, which aims to benefit at least 1,000 people—especially women and young people—will be split among the Federal Capital Territory’s six council areas and 774 local government districts.
The program intends to assist a range of nanoenterprises, such as food sellers, traders, transporters, ICT companies, craftspeople, and creatives.
Money recipients are exempt from repaying the money, but they do need to meet specific eligibility standards, like registering their business, having plans for growth, and hiring enough staff.
The purpose of the ₦75 billion FGN MSME Intervention Fund is to support MSMEs (micro, small, and medium-sized enterprises) in Nigeria.
This fund would help MSMEs offset the high manufacturing, marketing, and distribution expenses brought on by inadequate infrastructure and other related problems.
A maximum of ₦1 million at an interest rate of 9% annually would be awarded to each beneficiary of the MSME Intervention Fund to cover working capital and equipment costs over a predetermined time frame.
Similarly, qualified manufacturing enterprises facing issues connected to production costs and infrastructural shortfalls will get support from the FGN Manufacturing Sector Fund, valued at ₦75 billion.
Recipients would receive up to ₦1 billion at an annual interest rate of 9%, with varying terms for working capital and term loans.
These funds’ distribution is consistent with the federal government’s aim to lessen the negative effects of recent economic reforms on enterprises.
