President Bola Ahmed Tinubu-led administration has revealed plans to spend N75 billion between July 2023 and March 2024, to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs.
According to him, the essence is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.
“Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital,” he said.
ENigeria Newspaper reports that he said this while addressing Nigerians on the economic challenges of the nation in a live broadcast, on Monday, in Abuja.
Speaking on the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth, President Tinubu said his administration will energize this very important sector with N125 billion.
“Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024.
“Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
“Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system.
“In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.
“Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.”
