FG launches N200 billion intervention fund for MSMEs, producers in Nigeria

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The Federal Authorities has introduced the launch of N200 billion Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises (MSMEs) and producers in Nigeria.

Minister of Trade, Commerce and Funding, Doris Uzoka-Anite, made this announcement on Monday in Abuja.

She mentioned that following the continuing disbursements focused at supporting a million nano companies throughout the nation, the federal government has determined to incorporate each MSMEs and producers into the initiative.

In line with Uzoka-Anite, N75 billion will likely be distributed to MSMEs whereas one other N75 billion will likely be distributed to the manufacturing business beneath the Presidential Intervention Fund.

“The Federal Authorities of Nigeria is proud to announce the operational launch of the MSME and Manufacturing phase beneath the distinguished Presidential 200 Billion Naira Intervention Fund.
“With purposes for the Presidential Conditional Grant Scheme now closed, we’re excited to maneuver ahead with the mortgage disbursement course of for the MSMEs and manufacturing sectors, geared toward boosting financial progress and industrial improvement.
“This fund is strategically divided, dedicating N75 Billion to MSMEs and one other N75 Billion to the manufacturing sector.
“We’re happy to report that the preliminary disbursement to nano companies has been met with success, and we’re properly on our approach to supporting 1 million nano companies all through the nation.
“Hundreds of beneficiaries have already confirmed receipt with many extra to return,” Uzoka-Anite mentioned.

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Backstory

Earlier, Nairametrics had reported that the Federal Authorities introduced the graduation of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also called Commerce Grants Scheme, to nano companies nationwide

Nano companies are enterprises which have one or two staff and fewer than annual turnover of N3 million, based on the Small and Medium Enterprises Growth Company of Nigeria (SMEDAN).

Minister of Trade, Commerce and Funding, Doris Uzoka-Anite, has made this disclosure in an announcement on Tuesday in Abuja.

In December 2023, she introduced the Presidential Conditional Grant Scheme (PCGS) to empower nano companies as a part of the Presidential Palliatives Programme.

The Commerce Grant Scheme, which initially was to take off on March 9, 2024, provides monetary grants, with out reimbursement obligations, to eligible small enterprise house owners working in numerous sectors, equivalent to buying and selling, meals providers, ICT, transportation, artistic and artisans.

The PCGS targets 70% girls and youths, 10% folks with disabilities, and 5% senior residents, with the remaining 15% distributed to different demographics.