N200 Billion Intervention Fund Launched

The Presidential Intervention Fund for Nigerian Micro, Small, and Medium-Sized Enterprises (MSMEs) and Manufacturers, valued at N200 billion, has been officially launched by the Federal Government.

This statement was made on Monday in Abuja by Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment. She stated that the government has chosen to include manufacturers and MSMEs in the program in addition to the current disbursements intended to help one million nanobusinesses nationwide.

According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund.

“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.

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“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, aimed at boosting 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