FG N200 billion Support for SMEs in Nigeria. It is with great pleasure that we bring to your notice the ongoing support scheme for entrepreneurs in Nigeria. FGN has disbursed N200 billion in funds to support SMEs across Nigeria. See full details of how you can benefit from this amazing opportunity.
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FG N200 billion Support for SMEs in Nigeria
The Federal Ministry of Industry, Trade, and Investment’s (FMITI) has disbursed N200 billion funds through the Bank of Industry (BOI). The funds are granted under 3 categories which are:
- The Presidential Conditional Grant Scheme (PCGS)
- The FGN MSME Intervention Fund
- The FGN Manufacturing Sector Fund.
BOI is responsible for managing these funds.
Learn about the three funds facilitating business growth:
Presidential Conditional Grant Scheme (PCGS)
- Targeting Nano Business owners.
- N50 billion fund aiming to assist 1,000 beneficiaries per Local Government Area (LGA).
- Special emphasis on women and young people.
- Exempt from repayment under certain eligibility criteria.
FGN MSME Intervention Fund
- Valued at N75 billion.
- Aims to alleviate MSMEs’ challenges.
- Offers a maximum of N1 million per beneficiary at a 9% interest rate.
FGN Manufacturing Sector Fund
- N75 billion fund supporting qualifying manufacturing businesses.
- Each beneficiary can receive up to N1 billion at a comparable 9% interest rate.
Simultaneously, the CAC and Moniepoint MFB coordinated the registration of two million MSMEs, which represents a major step towards formalizing their operations.
We will be updating you on how to apply for the above loans. Kindly stay tuned for more updates.