The Bank of Industry has announced that the Federal Government, through its N75bn Presidential conditional grant and loan scheme, is targeting over 75,000 Micro, Small, and Medium Enterprises across the country.
The initiative is also expected to provide over 75,000 direct jobs and 150,000 indirect jobs nationwide.
Speaking at a town hall meeting with prospective beneficiaries of the scheme in Uyo, Akwa Ibom State, on Tuesday, the BOI’s State Manager, Mr Tolulope Toluwase, urged applicants to apply promptly, as applications would be processed on a first-come-first-serve basis.
He stated that successful applicants who meet all the requirements will receive a loan of N1m to boost their business operations, adding that the repayment plan will span three years and be made on a monthly basis.
The BOI recently announced the opening of the portal for applications for the Presidential Grants and Loan Scheme for MSMEs nationwide.
Mr Toluwase explained, “This project targets 75,000 MSMEs, 75,000 direct jobs, and 150,000 indirect jobs. We believe that N1m per beneficiary when injected into small and medium-sized enterprises, will have a significant impact.”
He continued, “As it is a loan, there will be some documentation. Anyone who wants to apply must be in business, must be a sole proprietor, and must be registered with the Corporate Affairs Commission. The interest rate is a single digit.”
He further emphasised the importance of timely applications: “Go and apply quickly so that you can be shortlisted. If you delay, others may apply before you, and the system will prioritise the states that apply more. Once the threshold is reached, the portal for that state will be closed to allow others to apply.”
In his remarks, the Commissioner for Trade and Investment in Akwa Ibom State, Mr John James, highlighted the importance of MSMEs in every economy, describing them as the backbone and the largest employer of labour in Nigeria.
While expressing gratitude to the federal government for the intervention, Mr James urged prospective beneficiaries to use the funds for their intended business purposes and not divert them elsewhere.
He said, “MSMEs employ about 80% of our population and contribute about 40% to our Gross Domestic Product in Nigeria. We want to thank the Federal Government, led by President Bola Tinubu, for this intervention and our compassionate governor, Umo Eno, for his support of MSMEs in Akwa Ibom through my ministry and the Ibom LED.”
He added, “Please when the money comes, ensure it is used for its intended purpose. Diverting it to other needs will undermine the programme’s objectives. I also thank the Bank of Industry for facilitating the disbursement of the funds.”
Speaking to our correspondent, one of the beneficiaries of the N50,000 grant, Anietie Udoh, a poultry farmer, clarified misconceptions about the scheme, stating, “This programme is real, with no bias and no political favouritism.”