The introduction of a ₦200 billion Presidential Intervention Fund by the Federal Government aims to support Micro, Small, and Medium Scale Enterprises (MSMEs) as well as manufacturers in Nigeria. On April 22, 2024, in the capital city of Abuja, Doris Uzoka-Anite, the Minister responsible for Industry, Trade, and Investment, delivered this declaration. She further stated that the current disbursements is aimed at assisting one million nano businesses across the nation, and it is currently ongoing.
She announced that the government has now chosen to expand the initiative to encompass MSMEs and manufacturers as well. Uzoka-Anite stated that a total of ₦200 billion will be allocated for distribution, with ₦75 billion going towards Micro, Small, and Medium Scale Enterprises (MSMEs) and another ₦75 billion towards the manufacturing sector as part of the Presidential Intervention Fund. The launch of the MSME and Manufacturing segment is under the Presidential 200 Billion Naira Intervention Fund.
Application for the Presidential Conditional Grant Scheme has ended.
It is a significant achievement that the Federal Government of Nigeria takes great pride in announcing this launch. They were pleased to announce that the application period for the Presidential Conditional Grant Scheme has come to an end. They are now looking forward to initiating the distribution of loans to support the Enterprises and the manufacturing industries, and with the ultimate goal of ensuring the enhancement of economic growth and industrial progress in the nation.
An aggregate of ₦150 Billion is allocated in a strategic manner, with ₦75 Billion specifically designated for MSMEs while another ₦75 Billion is earmarked for the manufacturing sector. They were also pleased to announce that the first round of funding for nano businesses has been a great achievement, and they are making good progress towards their goal of aiding 1 million nano businesses across the nation. According to Uzoka-Anite, there have been numerous beneficiaries of the grant.
A multitude of beneficiaries have acknowledged receiving their benefits.
The majority of them have acknowledged receiving their items, and there are still many more who have yet to do so. Uzoka-Anite stated that a multitude of beneficiaries have acknowledged receiving their benefits, and there are still many more expected to do so in the future. Previously, it was mentioned in a report that the start of the distribution of the ₦50,000 Presidential Conditional Grant Scheme, commonly referred to as Trade Grants Scheme, to small businesses across the country was declared by the Federal Government.
According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), nano businesses are defined as enterprises with a staff of one to two individuals and an annual turnover of less than ₦3 million. In a press release on April 16, 2024, in the capital city of Abuja, Uzoka-Anite, shared this information. In December of 2023, she unveiled the Presidential Conditional Grant Scheme (PCGS) to provide support to micro-enterprises within the Presidential Palliatives Programme, aiming to strengthen small businesses.
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Additionally, the new program called The Trade Grant Scheme was set to launch on March 9, 2024. It provides monetary assistance, free of any payback requirements, to qualifying small business proprietors across a range of industries including trade, food, technology, transportation, arts, and crafts. The PCGS aims to reach a diverse audience, with a focus on women and young people making up 70% of the target group. People with disabilities account for 10%, while senior citizens account for 5%. The remaining 15% is allocated to various other demographics.
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