Nigeria’s federal government has announced the take-off of its palliative programmes for business players in the country.
The programmes, namely: Presidential Conditional Grant Programme and Presidential Palliative Loan Programme will be in form of loans and grants.
In a statement issued on Sunday, by Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, the programmes are part of present administration’s efforts to cushion the effect of subsidy removal.
President Bola Ahmed Tinubu in his palliative plans released in July had promised to release N125 billion in funding for Micro, Small, and Medium-Sized Enterprises (MSMEs).
The statement, which was sighted by THISDAY disclosed that under the Presidential Conditional Grant Programme, a sum of N50,000 will be disbursed to nano businesses across the 774 local government areas in the country.
“Eligible nano business beneficiaries should be willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity”, it read.
For the Presidential Palliative Loan programme, Uzoka-Anite in the statement said a total of N75 billion will be released to Micro, Small and Medium-sized Enterprises (MSMEs) across various sector and N75 billion to manufacturers.
She noted further that the loan shall be administered to beneficiaries at a single-digit interest rate of nine per cent per annum.
“While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment,” she added.
The minister said the interested persons can apply for the loans by submitting their application on a designated portal for the programme.
She further expressed that the initiatives are believed to encourage entrepreneurship and job creation in the economy.