The federal government has launched the Presidential Grants and Loan Scheme for Micro, Small, and Medium Enterprises (MSMEs) across the country.
In Ogun State, the Bank of Industry (BOI) says over 20,000 nano businesses have benefited from the scheme in Ogun State.
The BOI said the beneficiaries received N50,000 grant each, bringing the amount disbursed so far to over N1billion.
The State Manager of BOI, Michael Agidani at a town hall meeting explained that the initiative is a transformative force for the citizens of Nigeria, revitalising small businesses and enhancing economic prospects to cushion the effect of the fuel subsidy removal.
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He said the three-legged scheme has N75bn loan dedicated to MSMEs, another N75bn to the manufacturing sector, while the N50,000 grant is targeted at nano businesses.
“So far, over N1billion has been disbursed to beneficiaries (of N50,000 grant) in Ogun State. Over 20,000 have benefitted in Ogun State under that fund and it has impacted on up to 20 local government areas. The target is about a thousand per LG.
In Bauchi, the branch Manager, Bank of Industry, Isa Nadada, explained that each of the beneficiaries would be given the sum of N1m.
Represented by Kabiru Musa, Project Officer, BOI, Bauchi branch, Nadada said the aim of the intervention is to revive the MSMEs in all the 774 local governments across the country.
Nadada said, “The interest rate is soft because it’s nine per cent all inclusive, either it is a term loan or a working capital. The tenure of the facility is three years and there is a six-month moratorium.”
In his remarks, the Commissioner for Cooperatives, Small and Medium Enterprises Development, Mohammed Shira, commended the federal government for working towards the development of MSMEs in the state.
The commissioner said, “Together, we can build a sustainable framework that not only addresses the immediate needs of our businesses but also lays the foundation for long-term growth. I want to emphasise that the Bauchi State government through the Ministry for Cooperatives, Small and Medium Enterprises Development is here for you.
In Akwa Ibom, the government launched a N75 billion for MSMEs.
With the launch, early applicants in the state who register through the online portal have a chance to be shortlisted for the loan.
At the event in Uyo, Tolulope Toluwase, the BoI Branch Manager explained that the federal government allocated the N75 billion fund to be accessed across all 36 states and the Federal Capital Territory (FCT).
Toluwase urged applicants in Akwa Ibom to apply quickly, as applications will be processed on a first-come, first-served basis.
Qualified applicants meeting the criteria will receive N1 million to support their businesses, with a monthly repayment plan over three years.
The program aims to support 75,000 MSMEs, creating 75,000 direct jobs and 150,000 indirect jobs. Applicants are required to present a guarantor with at least a grade level 10 in the federal civil service, along with their BVN/NIN, four passport photos, and valid identification for both the applicant and guarantor.
From Peter Moses, Lagos, Hassan Ibrahim, Bauchi and Iniabasi Umo, Uyo
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