Nigerian govt mulls N75bn intervention for MSMEs

The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, said on Thursday the Federal Government planned to put in place a N75 billion intervention fund to support Micro, Small and Medium Enterprises (MSMEs) in response to current economic challenges in the country.

The minister stated this at the opening of the 18th Abuja International Trade Fair (AITF) in Abuja.

Uzoka-Anite, who was represented at the event by the Director of Commodity and Export in the ministry, Mr. Kaura Irimiya, said the fund, would be disbursed in March 2024 to strengthen the manufacturing sector.

The minister said that the federal government would also provide small grants to MSMEs in each of the 774 local government areas in the country.

She said the government has announced a plan to support small businesses and startups in Nigeria in response to the current challenges.

Uzoka-Anite said: “We intend to spend N75 billion by March 2024 to strengthen the manufacturing sector.

READ ALSO: 76% of employed Nigerians work for MSMEs —Nigerian govt

“We also intend to provide small grants to micro businesses in each to the 774 local governments of the federation.

“We have also earmarked a fund of N75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.

“Last week, we launched the National Technology Export (NATEP) programme, in partnership with Microsoft.

“And earlier this year we launched the over $600 million Investment in Digital and Creative Enterprises (iDICE) program, in partnership with African Development Bank and other partners.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now