In a significant move to bolster economic growth and industrial development, the federal government has introduced the N200 billion Presidential Intervention Fund targeted at Micro, Small, and Medium Scale Enterprises (MSMEs) and manufacturers in Nigeria.

The announcement was made by the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, in a statement posted on her social media page on Monday. Uzoka-Anite highlighted that in addition to the ongoing disbursements aimed at supporting one million nano businesses nationwide, the government has expanded the initiative to encompass both MSMEs and manufacturers.

Under the new scheme, the grant will be repaid in monthly equal instalments over a three-year period, without any moratorium.

Of the total fund, N75 billion will be allocated to MSMEs, while another N75 billion will be directed to the manufacturing sector, as stated in the announcement.

“The Federal Government of Nigeria is pleased to announce the operational launch of the MSME and Manufacturing segment within the esteemed Presidential N200 Billion Intervention Fund,” the statement read.

“With the closure of applications for the Presidential Conditional Grant Scheme, we are eager to proceed with the loan disbursement process for MSMEs and the manufacturing sectors, aimed at fostering economic growth and industrial advancement,” Uzoka-Anite explained.

The minister also encouraged eligible applicants to participate in the initiative by accessing the official application portal at Detailed information and assistance can be obtained from local Bank of Industry branches, according to her.

Eligibility criteria for MSME loans up to N1 million include the business’s operational status for at least one year, possession of CAC business registration documents, presentation of bank statements, and compliance with other specified requirements.

For manufacturers seeking loans of up to N1 billion, options include working capital or asset financing, with additional documentation required and repayment terms specified by the bank.

“We urge eligible enterprises to seize this transformative opportunity. To apply, please visit our official portal, and for further information, kindly contact your local Bank of Industry branch,” Uzoka-Anite concluded.

Leave a Reply

Your email address will not be published. Required fields are marked *