The Nigerian government plans to give out N200 billion to help small businesses and manufacturers in Nigeria. The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, said N75 billion will go to small businesses and another N75 billion to manufacturers.
They want businesses that qualify to apply using a special website. This money is part of a bigger plan called the Presidential Intervention Fund. It was started by President Bola Tinubu on October 17, 2023, to help people deal with the removal of petrol subsidies and other economic problems.
Minister Doris Uzoka-Anite announced on April 22, 2024, that they’re giving out this money because of the success of an earlier program supporting one million small businesses across Nigeria. She explained that the fund is split into two parts: N75 billion for small businesses (MSMEs) and another N75 billion for manufacturers. She said they are now ready to give out loans to help these businesses grow and boost the country’s economy.
Already, some small businesses called nano businesses have received their share of the money successfully. The government aims to help one million businesses in total. Minister Anite said many businesses have confirmed getting the loans, and more are on the way. She encouraged eligible businesses to apply through the website: www.fedgrantandloan.gov.ng.
The government previously opened a website for nano businesses to apply for a special grant of N50,000 each. This program aims to support one million small businesses all over Nigeria. The government will work with state governments, ministers, NASMEs, senators, and representatives to choose who gets the grants based on specific criteria.