The Federal Ministry of Industry, Trade, and Investment (FMITI) have disbursed three N200 billion funds through the Bank of Industry (BOI) that will support businesses across the country at a favourable interest rate of 9%.
According to Dr Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, it is a historic event that is in line with President Tinubu’s goal of creating 50 million jobs.
What are the three funds that are granted
It was learnt that the funds are granted under 3 categories which are: The Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund. BOI is responsible for managing these funds.
Presidential Conditional Grant Scheme (PCGS)
Targeting Nano Business owners, the N50 billion PCGS award aims to assist at least 1,000 beneficiaries per Local Government Area (LGA) across the country, with a special emphasis on women and young people. Award recipients are exempt from repaying the award as long as they fulfil certain eligibility requirements.
The FGN MSME Intervention Fund
This fund is valued at N75 billion and aims to alleviate the challenges faced by MSMEs, offering a maximum of N1 million per beneficiary at a 9% interest rate.
FGN Manufacturing Sector Fund
This N75 billion fund offers assistance to qualifying manufacturing businesses, with each beneficiary receiving up to N1 billion at a comparable interest rate.
Simultaneously, the CAC and Moniepoint MFB coordinated the registration of two million MSMEs, which represents a major step towards formalizing their operations.
Hussaini Ishaq Magaji, Registrar-General and Chief Executive of the Corporate Affairs Commission (CAC) acknowledged the achievement and emphasized the commission’s objective of formalizing 20 million small enterprises this year, with a significant increase in employment and revenue production anticipated.
