The Federal Government has designated the Bank of Industry (BOI) as the implementing agency for a N200 billion fund to support businesses across Nigeria.
Recently, the Federal Ministry of Industry, Trade, and Investment (FMITI) established three funds totalling N200 billion to provide assistance to businesses nationwide.
These funds include the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
In a statement, the BOI highlighted that the Presidential Conditional Grant Scheme (PCGS) constitutes a N50 billion grant scheme designed to support eligible Nano Business owners.
Under this scheme, the grant will be distributed to at least 1,000 beneficiaries per Local Government Area (LGA) in the 774 LGAs across the Nation and the 6 Council Areas in the FCT. Notably, the target nano businesses encompass traders, food vendors, ICT businesses, transporters, artisans, and creatives. Importantly, beneficiaries are not obligated to repay the grant amount.
This initiative signifies a concerted effort by the government to bolster the growth and sustainability of Micro, Small, and Medium Enterprises (MSMEs) and other business entities across various sectors of the economy.
