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Fed Govt unveils N200b fund for MAN, SMEs

The Federal Government has announced the launch of a N200 billion Presidential Intervention Fund for manufacturers, Micro, Small and Medium Scale Enterprises (MSMEs) and others.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this announcement yesterday in Abuja.

She said following the ongoing disbursements targeted at supporting one million NANO businesses across the country, the government has decided to include both MSMEs and manufacturers into the initiative.

According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund.

“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund.

“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSMEs and manufacturing sectors, aimed at boosting economic growth and industrial development.

“This fund is strategically divided, dedicating N75 Billion to MSMEs and another N75 Billion to the manufacturing sector.

“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.

“Thousands of beneficiaries have already confirmed receipt with many more to come,” Uzoka-Anite said.

Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

It was learnt that the Trade Grant Scheme, which initially was to take off on March 9, 2024, offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.

The PCGS targets 70 per cent women and youths, 10 per cent people with disabilities, and five per cent senior citizens, with the remaining 15 per cent distributed to other demographics.