The federal government has launched the Presidential Grants and Loan Scheme to support Micro, Small, and Medium Enterprises (MSMEs) across Nigeria.
In Ogun State, the Bank of Industry (BOI) revealed that over 20,000 nano businesses have benefited, with each receiving N50,000, totaling over N1 billion disbursed.
BOI’s State Manager, Michael Agidani, highlighted the program’s impact in revitalizing small businesses to mitigate the effects of fuel subsidy removal.
The scheme includes a N75 billion loan for MSMEs, another N75 billion for the manufacturing sector, and N50,000 grants targeting nano enterprises.
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Meanwhile, in Bauchi, BOI’s branch Manager Isa Nadada stated that beneficiaries would receive N1 million each, with a nine percent interest rate and a six-month moratorium.
Similarly, Akwa Ibom launched its N75 billion MSME fund, encouraging early applicants to register online. BOI’s Tolulope Toluwase noted that eligible applicants would receive N1 million, aiming to create 75,000 direct jobs and 150,000 indirect ones across Nigeria.
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