An announcement has been made by the Federal Government regarding the launch of the N200bn Presidential Intervention Fund aimed at assisting Micro, Small, and Medium Scale Enterprises (MSMEs) as well as manufacturers in Nigeria.
In a post shared on her Twitter page, the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, revealed this development on Monday.
Uzoka-Anite mentioned that in addition to the disbursements already underway to support one million nano businesses across the nation, MSMEs and manufacturers will now be included in the initiative.
Previously, the Federal Government had initiated the disbursement of the N50,000 Presidential Conditional Grant Scheme, known as the Trade Grants Scheme, to nano businesses nationwide.
Nano businesses are defined as enterprises with one or two employees and an annual turnover of less than N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria.
Anite confirmed exclusively to NewsNow that around 100,000 nano businesses have already benefitted from the ongoing initiative with disbursements made in batches.
In a recent statement, the Minister explained that the new grant will be repaid in equal monthly installments over a 3-year period without any moratorium.
Uzoka-Anite outlined that N75 billion will be allocated to MSMEs while another N75 billion will be designated for the manufacturing sector under the Presidential Intervention Fund.
The statement highlighted, “The Federal Government of Nigeria is delighted to announce the operational commencement of the MSME and Manufacturing segment within the distinguished Presidential N200 Billion Intervention Fund.
“With the application window for the Presidential Conditional Grant Scheme now closed, we eagerly anticipate progressing with the loan disbursement process for MSMEs and manufacturers to drive economic growth and industrial advancement.
“This fund is strategically divided, with N75 Billion dedicated to MSMEs and an additional N75 Billion to the manufacturing sector.
“We are proud to share that the initial disbursement to nano businesses has been successful, and we are well on our way to supporting 1 million nano businesses across the country.
“Many beneficiaries have already confirmed receipt of the funds, with many more anticipated,” Uzoka-Anite stated.
The Minister encouraged eligible applicants to participate in the initiative by visiting the official application portal at www.fedgrantandloan.gov.ng.
“Enterprises meeting the eligibility criteria are invited to be part of this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng. For more detailed information, applicants should also contact their local Bank of Industry branch. The attached PDF document contains a comprehensive list of contact details,” she added.
She further elaborated that MSMEs seeking loans up to N1m must meet certain criteria such as having operated for at least a year, presenting CAC business registration documents, providing bank statements, meeting monthly turnover requirements, among other stipulated conditions specified by the bank.
For Manufacturers eligible for loans of up to N1bn, they can choose between working capital or asset financing, with additional requirements such as maintaining a 6-month banking relationship, providing necessary documentation, and following the repayment terms based on the selected financing option.