The Federal Government has distributed more than N107 billion to at least 900,000 beneficiaries of the Presidential Grant and Loan Scheme, targeting Micro, Small, and Medium Enterprises (MSMEs) across Nigeria’s six geopolitical zones.
The Managing Director of the Bank of Industry (BOI) announced the figures during a sensitization program in Kano State, revealing that Kano alone had over 51,000 beneficiaries who received more than N12.54 billion. Represented by BOI’s regional manager, he said N50 billion of the intervention fund is being used to support one million nano businesses across the country. These include market women, tailors, food vendors, and vulcanisers, each receiving N50,000 grants across Nigeria’s 774 local government areas.
The grant is part of the larger N200 billion Presidential Intervention Fund under President Bola Tinubu’s administration. The initiative aims to empower MSMEs and revive the manufacturing sector, with an additional N75 billion allocated to address key challenges in the manufacturing industry such as rising production costs, infrastructure deficiencies, and supply chain issues.
The loan component of the program offers up to N5 million at a 9 percent annual interest rate, repayable over three years without collateral. According to BOI, this is a strategic move to unlock the potential of small businesses, which constitute 96 percent of Nigeria’s enterprises, provide 84 percent of employment, and contribute nearly half of the nation’s GDP.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is also involved, with officials actively sensitizing business owners on how to access the funds. One of the beneficiaries, a fashion designer from Kano, commended the initiative and urged other entrepreneurs to take advantage of the opportunity.
The government says more funds will be released in phases to enable MSMEs to grow and help stabilise Nigeria’s economy amid ongoing financial and structural challenges.
