President Bola Ahmed Tinubu has unveiled a N75 billion investment plan to cushion the effects of the subsidy removal and to stimulate sustainable economic growth, drive structural transformation, and boost overall productivity.
The President stated that enterprises will enjoy access to an impressive N1 billion credit facility, carrying a reasonable interest rate of 9% per annum, and offering extended repayment terms of up to 60 months for long-term loans and 12 months for working capital.
Demonstrating a deep understanding of the vital role played by micro, small, and medium-sized enterprises (MSMEs) as well as the informal sector in propelling economic advancement, Tinubu’s administration committed N125 billion to invigorate this crucial sector.
A substantial portion of this sum, N50 billion, has been allocated for a Conditional Grant Program. Over the course of the initiative, lasting from now until March 2024, this grant will benefit a staggering 1 million nano businesses across the nation.
Continuing the drive towards financial inclusion, the administration plans to allocate N75 billion to support 100,000 MSMEs and start-ups. Under this commendable scheme, budding enterprise promoters can expect to secure funding ranging from N500,000 to N1 million.
Tinubu’s bold and visionary investment plan showcases his unwavering commitment to empowering the manufacturing sector and fortifying Nigeria’s small business ecosystem.