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:
- How vision boards can transform your business goals
- Lagos rail expansion set to boost small businesses, entrepreneurs
- Ekiti agro-business farmers gain boost with L-PRES cluster initiative
- Niger State agriculture generates over N600b in 2024
- SMEDAN unveils #StartWithSMEDAN to boost small businesses
- NITDA partners NDPHC to revolutionize Nigeria’s power sector with digital innovation
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.
