The Nigerian government launches a N200 billion Presidential Intervention Fund to support MSMEs and manufacturers, aiming to boost economic growth and industrial development.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, took to social media to announce the launch of the N200 billion Presidential Intervention Fund, which will provide financial support to businesses in these sectors.
In her statement, Uzoka-Anite highlighted that the decision to include both MSMEs and manufacturers in the initiative stemmed from the success of ongoing disbursements targeted at supporting one million nano businesses across Nigeria. The new fund will offer grants to eligible recipients, with the amounts to be repaid in equal monthly instalments over a three-year period, without a moratorium.
Of the total fund, N75 billion has been earmarked for distribution to MSMEs, while another N75 billion will be allocated to the manufacturing industry. The minister emphasized the strategic division of the fund and underscored its significance in fostering economic growth and industrial development in the country.
“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential N200 Billion Intervention Fund,” stated Uzoka-Anite in her announcement. “With applications for the Presidential Conditional Grant Scheme currently closed, we are excited to move forward straight to the loan disbursement process for the MSMEs and manufacturing sectors, aimed at boosting economic growth and industrial development.”
The minister expressed satisfaction with the initial disbursement to nano businesses, noting that thousands of beneficiaries have already received funds, with many more expected to benefit from the scheme. She encouraged eligible applicants to take advantage of the opportunity by visiting the official application portal at www.fedgrantandloan.gov.ng.
The launch of the Presidential Intervention Fund represents a significant step by the government to provide much-needed support to small businesses and manufacturers, especially in light of the economic challenges posed by the COVID-19 pandemic and other factors. The fund is expected to stimulate job creation, promote entrepreneurship, and enhance the competitiveness of the MSME and manufacturing sectors.
Industry experts have welcomed the initiative, noting its potential to drive economic recovery and sustainable development. They have emphasized the importance of effective implementation and transparent disbursement processes to ensure that funds reach deserving businesses in a timely manner.
Several stakeholders, including business associations, financial institutions, and government agencies, have pledged their support for the successful implementation of the intervention fund. They have expressed readiness to collaborate with the government to identify eligible beneficiaries, provide technical assistance, and monitor the impact of the fund on the targeted sectors.
As Nigeria strives to diversify its economy and reduce dependency on oil revenue, initiatives like the Presidential Intervention Fund play a crucial role in creating a conducive environment for business growth and innovation. By prioritizing support for MSMEs and manufacturers, the government aims to foster inclusive economic development and build a resilient economy capable of withstanding global shocks.
