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The Nigerian Federal Government has announced that it will soon begin the process of disbursing loans to micro, small, and medium enterprises (MSME) and the manufacturing sector as part of the Presidential N200 billion Intervention Fund scheme.
The scheme, which was launched by President Bola Tinubu on October 17, 2023, aims to mitigate the impact of the removal of petrol subsidy and other economic challenges.
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed in a statement that the decision to disburse the funds was made following the successful ongoing disbursements aimed at supporting one million nano businesses across the country.
She further explained that N75 billion has been allocated to support MSMEs, another N75 billion for the manufacturing sector, and an additional N50 billion for nano businesses.
Uzoka-Anite expressed the government's pride in announcing the operational launch of the MSME and Manufacturing segment under the Presidential N200 Billion Intervention Fund. She emphasized that the loan disbursement process is intended to boost economic growth and industrial development.
The Minister also highlighted the success of the initial disbursement to nano businesses and encouraged eligible enterprises to apply for the initiative through the official application portal at www.fedgrantandloan.gov.ng.
