Posted by Launched with an announcement, the N200 billion Presidential Intervention Fund would support Nigerian manufacturing and micro, small, and medium-sized businesses.
Doris Uzoka-Anite, minister of industry, trade, and investment, announced this on Monday on her X formerly Twitter profile.
Uzoka-Anite stated that the government has chosen to incorporate MSMEs and manufacturers into the program as a result of the continuing payments aimed at helping one million nano enterprises nationwide.
The commerce minister announced that the new grant will be paid back over three years in equal monthly installments, without a moratorium.
Among the beneficiaries of the Presidential Intervention Fund, according to Uzoka-Anite, are micro, small, and medium-sized enterprises (MSMEs) and the manufacturing sector, each of which will receive 75 billion Naira.
It was announced that the MSME and Manufacturing section under the coveted Presidential 200 Billion Naira Intervention Fund has officially launched operations by the Federal Government of Nigeria.
The loan payout procedure for the MSMEs and manufacturing sectors can now begin, thanks to the closure of applications for the Presidential Conditional Grant Scheme. This will help support economic growth and industrial development.The manufacturing sector would receive another N75 billion, while micro, small, and medium-sized enterprises (MSMEs) will receive another N75 billion.
We are on track to help one million nano businesses across the nation, and we are happy to say that the first distribution to these enterprises was a success.
A large number of recipients had acknowledged receiving the materials, and Uzoka-Anite predicted that even more will do so in the future.