In a bid to support companies and manufacturers across the nation, the Bank of Industry (BOI) has unveiled plans to disburse three funding categories amounting to N200 billion.<\/p>\n
This significant financial injection originates from the FGN MSME Intervention Fund, the FGN Manufacturing Sector Fund, and the Presidential Conditional Grant Scheme, as outlined in a statement released by the development bank.<\/p>\n
Of particular note is the N50 billion Presidential Conditional Grant Scheme earmarked to assist eligible owners of nano businesses. The scheme aims to benefit a minimum of 1,000 recipients, with a focus on women and young entrepreneurs, distributed across all 774 local government areas and the six council areas in the federal capital.<\/p>\n
Nano businesses encompass various sectors such as traders, food vendors, ICT enterprises, transporters, artisans, and creatives, among others. Importantly, this grant component is non-repayable, providing a vital boost to grassroots entrepreneurship.<\/p>\n
To qualify for the scheme, prospective beneficiaries must own a nano business and commit to registering a business name as their enterprise grows. Additionally, they must be prepared to hire at least one additional staff member as business turnover increases. Submission of proof of residential\/business address within the Local Government Area and relevant personal and bank account information, including Bank Verification Number and National Identification Number, is also mandatory.<\/p>\n
The FGN MSME Intervention Fund, amounting to N75 billion, is specifically tailored to support Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. It aims to address the financial challenges associated with product production, marketing, and distribution, exacerbated by inadequate infrastructure and related issues affecting MSMEs. Each beneficiary under this fund will receive a maximum of N1 million at an all-inclusive annual interest rate of nine percent, with a tenor of years for working capital and equipment.<\/p>\n
Similarly, the FGN Manufacturing Sector Fund, also valued at N75 billion, targets qualified manufacturing firms, providing a financial buffer against the escalating costs of production, marketing, and distribution. Recipients of this fund may access up to N1 billion at an all-inclusive annual interest rate of nine percent for term loans, with a five-year tenor for capital expenditure and a one-year tenor for working capital.<\/p>\n
The BOI’s proactive measures underscore its commitment to bolstering Nigeria’s industrial and entrepreneurial landscape, fostering economic growth and sustainability.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a bid to support companies and manufacturers across the nation, the Bank of Industry (BOI) has unveiled plans to disburse three funding categories amounting to N200 billion. This significant financial injection originates from the FGN MSME Intervention Fund, the FGN Manufacturing Sector Fund, and the Presidential Conditional Grant Scheme, as outlined in a statement […]<\/p>\n","protected":false},"author":12,"featured_media":19179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-19178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/19178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=19178"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/19178\/revisions"}],"predecessor-version":[{"id":19196,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/19178\/revisions\/19196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/19179"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=19178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=19178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=19178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}