The Federal Government will begin distributing funds to over 700 verified manufacturers and micro, small, and medium enterprises (MSMEs) in September under the Presidential Grant and Loan Scheme.
Ministerial Announcement
Minister of Industry, Trade, and Investment, Dr. Doris Anite, made the announcement during a cheque presentation in Calabar, Cross River State. She also noted that 660,320 nano beneficiaries have already received aid from the scheme.
Loan Disbursements
Loan disbursements for manufacturers and MSMEs will commence next month, following the verification of over 700,000 applications.
Cross River State Governor’s Perspective
Governor Otu of Cross River State praised the initiative, emphasizing its transformative impact on small businesses and economic prospects.
Collaborative Dialogue
An interactive session facilitated open dialogue, strengthening collaboration between the federal and state governments to promote economic empowerment.
Allocation and Impact
With an allocation of over N200 billion, the scheme aims to support growth, employment, and prosperity....Read Full Article [Click Here>]
Nano Business Grant
Under the scheme, one million nano businesses will receive a grant of N50,000 each. The selection process will prioritize women and youth (70%), people with disabilities (10%), senior citizens (5%), and other demographics (15%).
Background and Rationale
The initiative was launched in response to the removal of fuel subsidies, which had a significant impact on businesses and manufacturers.
Presidential Palliative Loan Programme
In December, the Minister announced plans for a N75 billion Presidential Palliative Loan Programme for MSMEs and a similar amount for manufacturers.
Collaboration and Implementation
The Federal Government will collaborate with state and local governments, federal legislators, banks, and other stakeholders to implement the scheme.
Loan Terms
Loans for MSMEs and manufacturers will be offered at a single-digit interest rate of 9% per annum.
