The Federal Government has disbursed ₦140.8 billion to manufacturers and micro, small and medium enterprises under its Presidential Intervention Package aimed at strengthening businesses and expanding economic activities.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this while speaking on Nigeria’s economic potential, noting that the Bank of Industry (BoI) had completed the disbursement of the funds allocated to the two business categories.
According to the minister, the government released the entire ₦75 billion Manufacturing Sector Fund to 104 manufacturing companies. The beneficiaries received the financial support to acquire production equipment, purchase raw materials, improve operational capacity and expand their businesses.
Similarly, the government disbursed ₦65.8 billion from the ₦75 billion MSME Intervention Fund to 15,018 small and medium-scale businesses.
The disbursement leaves approximately ₦9.2 billion from the original allocation, although the minister’s announcement did not indicate when the remaining funds would reach other eligible businesses.
Both interventions form part of the Federal Government’s ₦200 billion Presidential Intervention Package, which the Bank of Industry manages to improve access to financing for businesses across the country.
The package also includes a ₦50 billion Presidential Conditional Grant Scheme designed to support nano-businesses across Nigeria’s 774 local government areas.
Under the grant scheme, eligible beneficiaries receive ₦50,000 each to support their businesses and strengthen their capacity to sustain operations.
The intervention, however comes amid persistent challenges facing Nigerian businesses, including rising production costs, limited access to affordable credit, high energy expenses and difficulties in sourcing raw materials.
Through the funding programmes, the Federal Government seeks to improve local production, support enterprise development and create opportunities for employment and economic growth.
