Nigeria’s Federal Ministry of Industry, Trade, and Investment (FMITI) has disbursed three funds totaling N200 billion through the Bank of Industry (BOI). These funds, set at a favorable interest rate of 9%, are poised to support businesses nationwide, aligning closely with President Tinubu’s ambitious agenda of generating 50 million jobs.
Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, lauded the historic significance of this initiative, highlighting its pivotal role in advancing the nation’s economic agenda. The funds, administered under three distinct categories, aim to address specific challenges encountered by various sectors of the economy. These categories include the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, all managed by the Bank of Industry (BOI).
The Presidential Conditional Grant Scheme (PCGS), valued at N50 billion, targets nano-business owners nationwide. This initiative seeks to assist at least 1,000 beneficiaries per Local Government Area (LGA), focusing on empowering women and youth. Notably, recipients of the PCGS award are exempt from repayment obligations, provided they meet specified eligibility criteria.
The FGN MSME Intervention Fund, valued at N75 billion, aims to alleviate the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) nationwide. Under this scheme, eligible beneficiaries receive a maximum of N1 million each at a competitive interest rate of 9%.
Similarly, the FGN Manufacturing Sector Fund, valued at N75 billion, supports qualifying manufacturing businesses. Beneficiaries under this category can access up to N1 billion each at a favorable interest rate. In a coordinated effort to formalize the operations of small enterprises, the Corporate Affairs Commission (CAC) and Moniepoint Microfinance Bank (MFB) have successfully registered two million MSMEs.
Hussaini Ishaq Magaji, Registrar-General and Chief Executive of the Corporate Affairs Commission (CAC) expressed satisfaction with this feat, emphasizing the commission’s overarching goal of formalizing 20 million small enterprises within the year. Anticipated outcomes include a substantial increase in employment opportunities and revenue generation, further propelling Nigeria’s economic growth trajectory.