The Federal Government has announced plans to initiate the disbursement of loans under the Presidential N200 Billion Intervention Fund scheme. The fund aims to mitigate the impact of petrol subsidy removal on micro, small, and medium enterprises (MSMEs) and manufacturers.

Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, confirmed the disbursement following the successful distribution of funds to support one million nano businesses nationwide.

The N200 Billion Intervention Fund is allocated as follows:

* N75 billion for MSMEs
* N75 billion for the manufacturing sector
* N50 billion for nano businesses

Uzoka-Anite stated, “We are delighted to launch the MSME and Manufacturing segment of the Presidential Intervention Fund. This initiative aims to stimulate economic growth and industrial development.”

Interested businesses are encouraged to apply through the official portal at www.fedgrantandloan.gov.ng. Applicants can also seek further information at their local Bank of Industry (BOI) branch. CONTINUE READING