The Federal Government has commenced the long-awaited disbursement of its N75 billion fund for manufacturers, with the Bank of Industry (BoI) releasing N16.1 billion to 22 companies in the first tranche.
Although the intervention scheme was first announced over a year ago, disbursement only began 14 months later. According to The Nation, 22 firms have so far received N16.1 billion at nine per cent interest, while up to 140 manufacturers were listed as potential beneficiaries.
The fund is targeted at helping manufacturers scale through Nigeria’s current economic headwinds by bolstering production capacity, supporting expansion into new markets, and easing the burden of high operating costs. Beneficiaries include members of the Manufacturers Association of Nigeria (MAN), which has consistently called for access to low-cost funding to reduce reliance on imports and preserve jobs.
In parallel, the Federal Government has also earmarked another N75 billion for Micro, Small and Medium Enterprises (MSMEs). Managed in partnership with the BoI, the scheme aims to provide N1 million each to 75,000 MSMEs, while also allowing entrepreneurs to approach the bank with viable business proposals for credit facilities.
With disbursements now underway, the government said it expects both large manufacturers and MSMEs to strengthen local production, expand distribution, and create new employment opportunities across the country.
