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
Nairametrics learns 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.
nairametrics