Fund on behalf of FG
The Nigerian Government has launched the Micro, Small and Medium Enterprises (MSME) and Manufacturing segment of the Presidential N200 billion Intervention Fund.
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced the launch of the Intervention Fund in a statement on Monday.
Uzoka-Anite said with applications for the Presidential Conditional Grant Scheme now closed, the Federal Government is excited to move forward with the loan disbursement process for the MSME and Manufacturing sectors.
READ ALSO: How to apply for Presidential Conditional Grant Scheme
According to her, the newly-launched Intervention Fund is aimed at boosting economic growth and industrial development in Nigeria.
“This fund is strategically divided, dedicating 75 Billion Naira to MSMEs and another 75 Billion to the manufacturing sector,” she said.
The Minister said that the FG is pleased to report that the initial disbursement to nano businesses has been met with success.
She stated that the Nigerian government is well on its way to supporting one million nano businesses throughout the country.
According to her, thousands of beneficiaries have already confirmed receipt with many more to come.
“We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng,” Uzoka-Anite said.
Additionally, applicants seeking more detailed information have been directed to visit their local state Bank of Industry branch.
For the allocation of funds, N75bn has been earmarked for MSMEs while N75bn is for the manufacturing sector.
She said MSMEs in Nigeria will receive up to N1m with manufacturers set to get up to N1bn.
READ ALSO: FG begins disbursement of presidential conditional grant
According to the Minister, National Identification Number (NIN) is a major requirement for the Federal Government Grants and Loans Scheme.
“Loan applicants who have already filled the form should simply log in and update their loan application with their NIN,” Uzoka-Anite stated.
“Let’s strengthen our industries, create jobs, and drive national progress. Your business growth is vital to our nation’s future.”
