Over 75,000 Micro, Small, and Medium-Sized Businesses nationwide are the focus of the Federal Government’s N75 billion Presidential conditional grant and loan program, according to the Bank of Industry.
Targeting 75,000 MSMEs, FG Offers A N75 billion Grant And Loan Program.
Over 75,000 direct jobs and 150,000 indirect jobs are anticipated to be created nationwide as a result of the initiative.The BOI’s State Manager, Mr. Tolulope Toluwase, encouraged applicants to apply as soon as possible because applications will be handled on a first-come, first-served basis during a town hall meeting with potential scheme beneficiaries in Uyo, Akwa Ibom State, on Tuesday.
Successful applicants who fulfil all the requirements will be given a N1 million loan to improve their business operations, he said, with a three-year repayment plan that is paid back each month.
The BOI recently declared that the application portal for the Presidential Grants and Loan Scheme for MSMEs across the country is now open.According to Mr. Toluwase, the project aims to create 150,000 indirect jobs, 75,000 direct jobs, and 75,000 MSMEs.
We think that N1 million per beneficiary will make a big difference when it is invested in small and medium-sized businesses.Since it is a loan, there will be some paperwork, he added. Applicants must be a sole proprietor, operating a business, and registered with the Corporate Affairs Commission. The interest rate is a single digit.”
The significance of timely applications was further emphasised by him: “Go and apply quickly so that you can be shortlisted.” Delays may cause others to apply before you, and the system will give priority to the states with the most applications. When the threshold is met, the state’s application portal will close to let others apply.
“In his remarks, Mr. John James, the Commissioner for Trade and Investment in Akwa Ibom State, emphasised the significance of MSMEs in every economy, characterising them as the largest employer of labour in Nigeria and its backbone.
Mr. James thanked the federal government for the intervention, but cautioned potential recipients not to use the money for other purposes than their intended business use.According to him, MSMEs in Nigeria account for around 40% of the country’s GDP and employ around 80% of its workforce. We would like to express our gratitude to our kind governor, Umo Eno, for his support of MSMEs in Akwa Ibom through my ministry and the Ibom LED, as well as to the Federal Government, led by President Bola Tinubu, for this intervention.
””Please make sure the money is used for its intended purpose when it comes,” he continued. Redirecting it to other needs will compromise the goals of the program.I also want to thank the Bank of Industry for making it easier for the money to be disbursed.
In an interview with our correspondent, poultry farmer Anietie Udoh, one of the N50,000 grant recipients, dispelled myths about the program by saying, “This program is real, with no bias and no political favouritism.”
