President Bola Tinubu has announced a groundbreaking initiative by the federal government to support micro, small, and medium-sized enterprises (MSMEs) in Nigeria. In a nationwide broadcast on Monday, the President revealed plans to energize the crucial sector with a staggering N125 billion investment.
The program aims to empower 1 million nano business owners across the country, drawn from the 774 local governments, with a conditional grant of N50,000 each. This support will be provided from now until March 2024, totaling N50 billion in funding.
Furthermore, the initiative seeks to drive financial inclusion by onboarding beneficiaries into the formal banking system. To achieve this, 100,000 MSMEs and start-ups will be funded with N75 billion. Enterprise promoters can receive between N500,000 to N1 million at an attractive 9 percent interest rate per annum, with a generous repayment period of 36 months.
The move comes as a response to the economic challenges faced by the country, recognizing the significant role played by MSMEs and the informal sector in driving growth and innovation. By providing much-needed financial support, the government aims to bolster entrepreneurial efforts and foster economic development.
This commendable initiative reflects the government’s commitment to empowering Nigerians to thrive in their businesses and contribute to the nation’s prosperity. As the program unfolds, it is expected to have a far-reaching impact on small businesses, job creation, and overall economic growth.
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