By Milcah Tanimu
The Federal Government has unveiled a N200 billion Presidential Intervention Fund aimed at supporting Micro, Small, and Medium Scale Enterprises (MSMEs) as well as manufacturers in Nigeria. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made the announcement on Monday in Abuja.
This initiative, following the ongoing disbursements focused on aiding one million nano businesses across the nation, now extends its support to both MSMEs and manufacturers.
Out of the N200 billion fund, N75 billion will be allocated to MSMEs, while another N75 billion will be dedicated to the manufacturing industry under the Presidential Intervention Fund.
Uzoka-Anite expressed the government’s enthusiasm for the operational launch of the MSME and Manufacturing segment under the Presidential 200 Billion Naira Intervention Fund. She highlighted that the disbursement process for MSMEs and the manufacturing sector aims to bolster economic growth and industrial development.
The initial phase of disbursing funds to nano businesses has been successful, with thousands of beneficiaries already confirming receipt, and many more expected to benefit.
Previously, the Federal Government initiated the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide. Nano businesses, defined as enterprises with one or two workers and an annual turnover of less than N3 million, have been the focus of this scheme.
Minister Uzoka-Anite emphasized that the Trade Grant Scheme, initially slated to commence on March 9, 2024, offers financial grants to eligible small business owners without any repayment obligations. These businesses operate in sectors such as trading, food services, ICT, transportation, creative, and artisans.
The Presidential Conditional Grant Scheme (PCGS) aims to empower nano businesses as part of the Presidential Palliatives Programme, targeting specific demographics, including women, youths, people with disabilities, senior citizens, and other segments of the population.
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