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President Bola Tinubu on Monday said the federal government will spend N75 billion to fund 7500 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity in the country.
President Tinubu spoke in a presidential broadcast to Nigerians Monday evening.
The president noted that the initiative is designed to strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs.
The duration of the programme, President Tinubu explained, will be between July 2023 and March 2024.
“Each of the 7500 manufacturing enterprises will be able to access N1billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital,” he said.
President Tinubu added that his administration recognizes the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth and it will energize the 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, ” he said.
“This program 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.”