Bank of Industry to disburse N200bn to MSMEs, others

The Bank of Industry (BOI) has been appointed by the Federal Government as the executing agency of a N200 billion fund to support businesses across Nigeria.

The Federal Ministry of Industry, Trade, and Investment (FMITI), recently established three funds totaling N200bn to support businesses across Nigeria.

The funds are the Presidential Conditional Grant Scheme (PCGS), The FGN MSME Intervention Fund and the FGN Manufacturing Sector Fund.

The BoI in a statement noted that the Presidential Conditional Grant Scheme (PCGS), is a N50bn grant scheme to support eligible Nano Business owners.

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It noted that the Grant will be disbursed to a minimum of 1,000 beneficiaries (especially Women and Youths) per Local Government Area (LGA) in the 774 LGAs across the Nation and the 6 (six) Council Areas in the FCT, adding that the target nano businesses include traders, food vendors, ICT businesses, transporters, artisans, creatives, among others and beneficiaries are not required to pay back.