The Federal Government has designated the Bank of Industry (BOI) as the executing agency for a N200 billion fund aimed at bolstering businesses across Nigeria.
This initiative, overseen by the Federal Ministry of Industry, Trade, and Investment (FMITI), encompasses three funds: the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
The Bank of Industry (BOI) has been entrusted by the Federal Government to oversee the disbursement of a N200 billion fund tailored to support businesses throughout Nigeria, according to recent announcements from the Federal Ministry of Industry, Trade, and Investment (FMITI).
The funds, consisting of the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, are poised to invigorate the entrepreneurial landscape across the nation.
The Presidential Conditional Grant Scheme (PCGS), a component of the initiative, is specifically earmarked as a N50 billion grant scheme designed to bolster eligible Nano Business owners.
This grant, intended to reach a minimum of 1,000 beneficiaries per Local Government Area (LGA) in the 774 LGAs across the nation and the 6 council areas in the Federal Capital Territory (FCT), is geared towards supporting a wide array of nano businesses, including traders, food vendors, ICT businesses, transporters, artisans, and creatives.
Notably, beneficiaries of the PCGS are exempt from repayment obligations.
The allocation of N200 billion towards supporting businesses, particularly Micro, Small, and Medium Enterprises (MSMEs) and nano businesses, underscores the government’s commitment to fostering economic growth and sustainability across Nigeria.
With the Bank of Industry spearheading the disbursement process, aspiring entrepreneurs and established businesses alike stand to benefit from this significant initiative.