FG launches N200 billion intervention fund for MSMEs, manufacturers in Nigeria

Date:

The Federal Government has announced the launch of N200 billion Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises (MSMEs) and manufacturers in Nigeria.

 

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this announcement on Monday in Abuja.

 

She said that following the ongoing disbursements targeted at supporting one million nano businesses across the country, the government has decided to include both MSMEs and manufacturers into the initiative.

 

According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund.

 

β€œThe Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund.

β€œWith applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSMEs and manufacturing sectors, aimed at boosting economic growth and industrial development.

β€œThis fund is strategically divided, dedicating N75 Billion to MSMEs and another N75 Billion to the manufacturing sector.

β€œWe are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.

β€œThousands of beneficiaries have already confirmed receipt with many more to come,” Uzoka-Anite said.

Recommended reading: CBN Intervention Fund: Power Sector gulps N2.3 trillion as of 2023

Backstory

Earlier, Nairametrics had reported that the Federal Government announced the commencement of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide.

 

Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

 

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has made this disclosure in a statement on Tuesday in Abuja.

 

In December 2023, she announced the Presidential Conditional Grant Scheme (PCGS) to empower nano businesses as part of the Presidential Palliatives Programme.

 

The Trade Grant Scheme, which initially was to take off on March 9, 2024, offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.

 

The PCGS targets 70% women and youths, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics.

 

Recommended reading: MSMEs get less than 7% of N10 trillion CBN intervention loan in 10 years

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