FG Allocates Entire N75bn Fund To Drive Industrial Growth

FG Allocates Entire N75bn Fund To Drive Industrial Growth

The federal government has announced the complete allocation of the N75 billion Manufacturing Sector Fund (MSF), part of President Bola Tinubu’s N200 billion Presidential Intervention Fund aimed at supporting manufacturing businesses.…..CONTINUE READING 

Fredrick Nwabufo, the Senior Special Assistant to the President on Public Engagement, provided an update, revealing that the Bank of Industry (BoI) has processed and approved N78.5 billion in loans for 143 companies, though only N6.3 billion has been disbursed to 8 manufacturers so far.

Under this initiative, 23 companies are at various disbursement stages for N9.1 billion, while 112 firms, valued at N63.1 billion, are working to meet the disbursement requirements. BoI has collaborated with the Manufacturers Association of Nigeria (MAN) to ensure all applicants are legitimate manufacturers.

Additionally, the MSF provides up to N1 billion in loans at a single-digit interest rate, aimed at enhancing the real sector. The N75 billion MSME Intervention Fund (MIF) has also begun disbursements, offering N1 million each to 75,000 micro, small, and medium enterprises (MSMEs) at a 9% interest rate.

As of October 2024, the Presidential Conditional Grant Scheme (PCGS) has disbursed N38.8 billion to 774,593 beneficiaries across Nigeria. The N200 billion fund is structured into three parts: the N50 billion PCGS, the N75 billion MIF, and the N75 billion MSF.