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FG to Support Nigerians with N50,000 Each for 8 Months to Boost MSMEs and Financial Inclusion

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FG to Support Nigerians with N50,000 Each for 8 Months to Boost MSMEs and Financial Inclusion

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.

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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.

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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.

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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.

(Source: TheCable)

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