In a nationwide broadcast, President Bola Ahmed Tinubu addressed the nation’s unrest and announced significant measures to bolster Nigeria’s economy, with a focus on supporting small businesses:
- Nano-Business Grants: Over 600,000 nano-businesses have received grants, with an additional 400,000 set to benefit soon.
- Micro and Small Business Loans: Starting this month, 75,000 beneficiaries will receive N1 million each in single-digit interest loans.
- MSME Hubs Expansion: Ten MSME hubs have been established, creating 240,000 jobs, with five more hubs nearing completion by October.
- Manufacturing Boost: Large manufacturers are receiving N1 billion each in single-digit loans to enhance production and stimulate growth.
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The government has also secured $620 million under the Digital and Creative Enterprises (IDiCE) program, aiming to create millions of IT and technical jobs for Nigeria’s youth. These initiatives reflect President Tinubu’s commitment to reviving the economy and empowering small businesses amid challenging times.
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