In a monumental leap forward, the Federal Ministry of Industry, Trade, and Investment (FMITI) has taken bold steps to fortify businesses nationwide by introducing three funds totaling N200 billion, with favorable nine percent interest rates facilitated through the Bank of Industry (BOI).
Concurrently, the Corporate Affairs Commission (CAC) has partnered with Moniepoint Micro Finance Bank to register an unprecedented two million Micro, Small, and Medium Enterprises (MSMEs), ushering them into the realm of formal operations in Nigeria.
These funds include the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, administered by BOI, showcasing a steadfast commitment to MSME development and echoing President Bola Tinubu’s Renewed Hope Agenda.
The PCGS, valued at N50 billion, targets Nano Business owners and pledges support to a minimum of 1,000 beneficiaries per Local Government Area (LGA) nationwide, with a special emphasis on women and youths. Recipients are not obligated to repay the grant but must meet specific eligibility criteria.
Furthermore, the FGN MSME Intervention Fund, amounting to N75 billion, seeks to mitigate the challenges faced by MSMEs, extending a maximum of N1 million per beneficiary at a nine percent interest rate.
The third component, the N75 billion FGN Manufacturing Sector Fund, extends support to eligible manufacturing companies, offering up to N1 billion per beneficiary at a similar interest rate.
In tandem, the CAC, in collaboration with Moniepoint MFB, orchestrated the registration of an impressive two million MSMEs, marking a significant stride towards formalizing their operations. Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, hailed the initiative as monumental, aligning with President Tinubu’s vision of creating 50 million jobs.
Registrar-General/Chief Executive of CAC, Hussaini Ishaq Magaji, lauded the achievement, emphasizing the commission’s ambition to formalize 20 million small businesses this year, anticipating a substantial boost to job creation and revenue generation.
Managing Director of Moniepoint MFB, Mr. Babatunde Olofin, echoed the sentiment, praising the initiative’s potential to foster economic growth and empowerment for MSMEs.
