In response to the recent removal of fuel subsidies, the Federal Government has rolled out two initiatives designed to mitigate the effects of this decision. Dr. Doris Uzoka-Anite, CFA, Minister for Industry, Trade, and Investment, announced these measures.
Presidential Conditional Grant Programme for Nano Businesses
A sum of N50 million will be allocated to nano businesses across the nation’s 774 local government areas. The program, a collaboration between the Federal Ministry of Industry, Trade, and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), involves coordination with state and local governments, federal legislators, ministers, and banks.
Eligibility Criteria for Nano Business Beneficiaries:
– Proof of residence or business in the respective local government area.
– Submission of personal and bank account details, including the Bank Verification Number (BVN) for verification purposes.
Applicants meeting the criteria can apply via the official portal [https://www.fedgrantandloan.gov.ng](https://www.fedgrantandloan.gov.ng).
Presidential Palliative Loan Programme for MSMEs and Manufacturers
This initiative targets disbursing N75 billion to Micro, Small, and Medium-sized Enterprises (MSMEs) and an additional N75 billion specifically earmarked for manufacturers. Loans will carry an attractive single-digit interest rate of 9% per annum.
Loan Details:
– MSMEs: Loans up to N1 million repayable over three years.
– Manufacturers: Loans up to N1 billion for working capital, with a repayment period of 1 year for working capital and five years for machinery and equipment.
Interested parties can apply for the loans through the official portal [https://www.fedgrantandloan.gov.ng](https://www.fedgrantandloan.gov.ng). The loans will be accessed through banks, with applicants needing to meet their bank’s risk assessment criteria.
The Federal Government aims to foster economic growth, entrepreneurship, and financial empowerment through these programs, anticipating a boost in job creation and entrepreneurial activities. Further details are available on the official program website.
