The Nigerian government is preparing to disburse N150 billion from the presidential palliative program to support manufacturers and micro, small, and medium enterprises (MSMEs).
Minister of Industry, Trade and Investment Doris Aniete made the announcement through her spokesperson, Terfa Gyado, over the weekend.
Currently, over 700,000 applicants have submitted requests for the scheme.
The disbursement process is in its final stages, with the first batch of funds nearly ready to be released.
Read also:
- SMEDAN secures strategic partnership to expand access to finance, markets for Nigerian MSMEs
- Over 4.6 million youths enrolled in FG’s programme
- Gov Bago lauds training for 10,000 youths, women in agrobusiness
- US cuts $51m SME funding, threatening African startups, farmers
- Ghana eyes startup hub status with innovation bill
FG to invest $5bn for startups
For manufacturers seeking loans up to N1 billion, applicants will need to select either working capital or asset financing, maintain a minimum six-month business banking relationship, and meet additional banking requirements.
This initiative follows the December 2023 launch of the Presidential Conditional Grant Scheme, aimed at mitigating the economic impact on Nigerian businesses.
The program allocated N75 billion each to MSMEs and the manufacturing sector. The initial disbursement was scheduled to start in July 2024.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
