Federal Government Grant: Federal Government Commences Disbursement To Micro Small And Medium Enterprises (MSMEs), Manufacturers

According to Npower News, the Federal Government said it will soon start the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturing sectors under the Presidential ₦200,000,000,000 federal government loan scheme.

President Bola Ahmed Tinubu established the federal government loan scheme on October 17, 2023, to cushion the effects of the removal of fuel subsidy and other shocks in the economy.

Announcing the disbursement of the federal government loan, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, in a statement yesterday, stated that the decision was taken following the success of the ongoing disbursements of the federal government grant targeted at assisting 1,000,000 nano businesses across Nigeria.

According the Minister of Industry, Trade and Investment, Doris Uzoka-Anite , ₦75,000,000,000 each has been set aside to support Micro Small And Medium Enterprises (MSMEs) and the manufacturing sector under the federal government loan. This is in addition to the ₦50,000,000,000 set aside to support the nano businesses.

According to Npower News, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite , said that: "The Federal Government of Nigeria is proud to announce the kick off of the  Micro Small And Medium Enterprise (MSME) and Manufacturing segment under the Presidential ₦200,000,000,000 Intervention Fund.

“With applications for the federal government grant now closed, we are excited to move forward with the federal government loan disbursement process for the Micro Small And Medium Enterprise (MSME) and manufacturing sectors, aimed at fostering economic growth, economic development and industrial development.

“This Presidential ₦200,000,000,000 Intervention Fund, is divided into 2 parts, dedicating ₦75,000,000,000 to Micro Small And Medium Enterprises (MSMEs) and another ₦75,000,000,000 to the manufacturing sector.

“We are pleased to report that the initial disbursement of the federal government grant to nano businesses was successful, and we are well on our way to supporting 1 million nano businesses throughout Nigeria.

“Thousands of beneficiaries have already acknowledged receipt of the federal government grant with many more federal government grant to come this week and in the coming weeks."