Toba Owojaiye reporting
Abuja , Nigeria
In a strategic move to mitigate the effects of President Bola Ahmed Tinubu’s recent removal of the fuel subsidy, the Federal Government of Nigeria has greenlit the distribution of N150 billion in grants and loans tailored for small business owners nationwide. This financial aid is divided into two key programs—the Presidential Conditional Grant and the Presidential Palliative Loan.
Truth Live News gathered that, under the Presidential Conditional Grant Program, nano businesses spanning the 774 local government areas are set to receive grants of N50,000 each. The Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, emphasized the collaborative efforts involving federal and local entities, legislators, ministers, banks, and stakeholders to ensure the effective disbursement of funds.
Eligible nano businesses are required to furnish proof of residence or business address in their respective local government areas, alongside personal and bank account details, including the Bank Verification Number (BVN) for identity verification. A dedicated website has been established to facilitate applications for interested beneficiaries.
Additionally, the Federal Government plans to allocate N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) across various sectors, with a specific N75 billion earmarked for manufacturers. The loans, administered at a favorable interest rate of 9 percent per annum, aim to stimulate economic activities.
For MSMEs, loan facilities of up to N1 million are accessible with a repayment period of three years, while manufacturers can secure up to N1 billion for working capital or the purchase of machinery and equipment, with repayment periods ranging from one to five years. The application process involves submission through the dedicated portal, with banks facilitating access and conducting risk assessments based on respective criteria.
Dr. Uzoka-Anite expressed confidence that these initiatives would not only provide crucial financial support but also foster entrepreneurship, job creation, and overall economic development. As part of the government’s commitment to promoting economic growth and financial empowerment, these programs signify a strategic response to the challenges posed by recent policy changes. Small business owners and entrepreneurs are encouraged to explore these opportunities and contribute to the nation’s economic resilience.