The federal government has announced the launch of the N200bn Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises and manufacturers in Nigeria.
The minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this announcement in a post on her X formerly Twitter page on Monday.
Uzoka-Anite said that following the ongoing disbursements targeted at supporting one million nano businesses across the country, the government has decided to include both MSMEs and manufacturers in the initiative.
The trade minister said the new grant will be recovered in monthly equal instalments with no moratorium, spanning a 3-year term.
According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund.
The statement read, “The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund.
“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSMEs and manufacturing sectors, aimed at boosting economic growth and industrial development.
“This fund is strategically divided, dedicating N75 Billion to MSMEs and another N75 Billion to the manufacturing sector.
“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.
“Thousands of beneficiaries have already confirmed receipt with many more to come,” Uzoka-Anite said.
The minister further invited eligible applicants to join the initiative by visiting the official application portal at www.fedgrantandloan.gov.ng.
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