President Bola Ahmed Tinubu Administration’s ₦200 billion presidential palliative programme will support business in Nigeria.
Federal Minister Industry, Trade and Investment(FMITI),Dr Doris Anite, said this during her presentation at the Ministerial Sectoral News Conference in commemoration of President Bola Tinubu’s first anniversary on Tuesday in Abuja.
The program’s goal is to stimulate economic growth by offering grants to tiny businesses and providing loans at low-interest rates to micro, small, and medium enterprises as well as manufacturers.
Anita mentioned that President Tinubu is dedicated to supporting manufacturing and industrial clusters to promote industrialization. This commitment has led the ministry, in collaboration with the Bank of Industry (B.O.I), to successfully start distributing the grants in phases as part of the relief program.
She said a lot of industrial clusters were still not connected to efficient and affordable power supply, but the ministry had started connecting some of them.
“The ministry had commenced the initial process of mapping out major industrial clusters across the country to provide these with targeted intervention, thereby enhancing their vibrancy and competitiveness.”
“We will connect the Danwanu market in Kano to captive gas power. We are connecting the Nnewi Industrial Cluster to gas.
“We are flagging off our “Light Up” campaigns starting with the Agbara Industrial zone which is not connected to the power grid. We are connecting it to the power grid.
“We will continue to focus on supporting industries until all industrial hubs have electricity and gas to manufacture cheaper and more competitively.
“This strategic move signifies our resolve to harness clusters as engines of economic growth and development, fostering innovation, job creation, and inclusive prosperity across Nigeria in line with the Renewed Hope Agenda.”
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