FG Kicks off Disbursement of N200 Billion N200bn MSMEs, Manufacturers Intervention Fund

The federal government has announced the Presidential Intervention Fund for Micro, Small, and Medium-Sized Enterprises and Manufacturers in Nigeria, valued at N200 billion.

The minister of industry, trade, and investment, Mrs Doris Uzoka-Anite, announced this on Monday in a post on her X, formerly Twitter page.

According to Uzoka-Anite, the government has included manufacturers and MSMEs in the initiative in addition to the current disbursements intended to support one million nanobusinesses nationwide.

The trade minister stated that the new grant would be paid back over three years in equal monthly installments with no moratorium.

Uzoka-Anite claims that N75 billion will go to MSMEs and that the Presidential Intervention Fund will provide an additional N75 billion to the manufacturing sector.

The statement read, 

“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund.

“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSMEs and manufacturing sectors to boost economic growth and industrial development.

“This fund is strategically divided, dedicating N75 Billion to MSMEs and another N75 Billion to the manufacturing sector.

“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.

“Thousands of beneficiaries have already confirmed receipt, with many more to come,” Uzoka-Anite said.

The minister further invited eligible applicants to join the initiative by visiting the official application portal at www.fedgrantandloan.gov.ng.

“We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng. Additionally, applicants seeking more detailed information should visit their local state Bank of Industry branch. A comprehensive list of contact details can be found in the attached PDF document.”

She went on to say that the following qualify for MSME loans up to N1 million. 

“The business must be an existing business in operation for at least one year or a registered start-up, Provide CAC business registration documents, present the Company’s Bank Statement for existing businesses or the Chief Promoter’s Bank Statement for start-ups, fulfil required monthly turnover and comply with other requirements as specified by the bank.”

Others are as follows: “Provide a personal guarantee of the promoter, agree to BVN Covenant, adhere to Global Standing Instruction and other securities as required by the bank.”

For Manufacturers, applicants eligible for loans of up to N1 billion will choose between working capital and asset financing.

“The business must maintain at least a 6-month business/corporate banking relationship and provide additional documentation as required by the bank. Asset Financing comes with a five-year repayment period, and Working Capital Financing includes a six-month moratorium on principal and interest, followed by a 12-month equal instalment repayment plan,” she added.