FG Begins Sharing N200bn to Small Business Owners, Manufacturers in Nigeria, Lists Ways to Apply

• The Nigerian government has said it will soon start disbursing N200 billion to small businesses and manufacturers in the country
• The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, said N75 billion each is allocated to small businesses and manufacturers
• She asked eligible businesses and manufacturers to apply using the application portal provided below

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The Nigerian government will soon begin the loan disbursement procedure for micro, small, and medium enterprises (MSMEs) under the N200 billion Presidential Intervention Fund initiative.

President Bola Tinubu launched the initiative on October 17, 2023, to ease the removal of the petrol subsidy and other economic effects on Nigerians.

FG moves to empower one million businesses

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The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said on Monday, April 22, 2024, that the decision was taken following the success of the ongoing disbursements targeted at supporting one million nano businesses nationwide.

The minister said that N75 billion each has been allocated to support small businesses and the manufacturing sector under the Presidential Intervention Fund and the N50 billion earmarked for nano businesses.

She said:

“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSME and manufacturing sectors to boost economic growth and industrial development.

According to the minister, the fund is strategically divided, with N75 billion allocated to MSMEs and another N75 billion allocated to the manufacturing industry.

FG shares the link to apply

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She reported that the initial disbursement to nano businesses has been successful and that the government is ready to support about one million firms nationwide.

Vanguard reports that Anite said many beneficiaries have confirmed receipt of the loan, with many more on the way.

She asked eligible businesses to apply for the scheme and asked them to use the application portal: www.fedgrantandloan.gov.ng.

FG releases application link for Presidential Grants

Legit.ng previously reported that the Nigerian government had opened an application portal for its presidential conditional grant for nano businesses under the presidential palliative program.

The initiative offers a grant of N50,000 per beneficiary to support one million small businesses in all the 774 local government areas in the country.

The federal government will partner with state governments, ministers, NASMEs, senators, and rep members to shortlist beneficiaries using specific selection criteria.

Source: Legit.ng