Table of Contents
FG disburses N200bn for businesses through the Bank of Industry (BOI) after the Corporate Affairs Commission (CAC) records 2M MSMEs.
In a groundbreaking initiative, the Federal Ministry of Industry, Trade, and Investment (FMITI) has introduced three funds totaling N200 billion to fortify businesses across the nation.
Join our Telegram Channel for Updates
These funds, administered through the Bank of Industry (BOI), offer a favorable nine percent interest rate, signaling a significant effort to stimulate economic growth.
Concurrently, the CAC has collaborated with Moniepoint Micro Finance Bank to register an unprecedented two million Micro, Small, and Medium Enterprises (MSMEs), facilitating their formal entry into operations in Nigeria.
The established funds include the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, all managed by BOI.
This underscores the government’s commitment to MSME development, aligning with President Bola Tinubu’s Renewed Hope Agenda.
The PCGS, a N50 billion grant, targets Nano Business owners with a commitment to supporting a minimum of 1,000 beneficiaries per Local Government Area (LGA) nationwide, with a special focus on women and youths. Beneficiaries are not required to repay the grant but must meet specific eligibility criteria.
The FGN MSME Intervention Fund, valued at N75 billion, aims to address challenges faced by MSMEs, providing a maximum of N1 million per beneficiary at a nine percent interest rate.
Simultaneously, the N75 billion FGN Manufacturing Sector Fund supports eligible manufacturing companies, offering up to N1 billion per beneficiary at a similar interest rate.
In tandem, the CAC, in collaboration with Moniepoint MFB, has facilitated the registration of an impressive two million MSMEs, a significant stride toward formalizing their operations. Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, hailed the initiative as monumental, aligning with President Tinubu’s vision of creating 50 million jobs.
Registrar-General/Chief Executive of CAC, Hussaini Ishaq Magaji, acknowledged the milestone, emphasizing the commission’s goal of formalizing 20 million small businesses this year, envisioning a substantial boost to job creation and revenue generation.
Managing Director of Moniepoint MFB, Mr. Babatunde Olofin, praised the initiative for its potential to foster economic growth and empowerment for MSMEs.
