• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, June 6, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

FG to spend N275bn on manufacturing, MSMEs sectors

MSMEs

The Matters Press by The Matters Press
August 1, 2023
Reading Time: 2 mins read
0
Nigeria disburses N56bn to MSMEs

Abuja, Aug. 1, 2023: President Bola Tinubu has approved the release of over N275 billion for the immediate resuscitation of the manufacturing and the Micro, Small and Medium-sized enterprises (MSME).

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

In a nationwide broadcast to the nation on Monday, Tinubu said that was part of the Federal Government efforts to cushion the effects of the removal of fuel subsidy on Nigeria and its people.

‘’To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 billion between July 2023 and March 2024.

‘’Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity.

”Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9 per cent per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.’’

On MSME, the president said that N125 billion would be made available to energise the sector as a key driver of growth of the economy.

‘’Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.

‘’Out of the sum, we will spend N50 billion on Conditional Grant to 1 million Nano businesses between July 2023 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. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system,’’ he said.

Similarly, Tinubu announced another N75 billion for 100,000 MSME start-ups at nine per cent interest rate payable in 36 months.

‘’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.

The president said that the government was able to save more than one trillion Naira from the petrol subsidy removal which would be used to further develop different socio-economic sectors in the country.

‘’In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.

‘’That money will now be used more directly and more beneficially for you and your families. For example, we shall fulfill our promise to make education more affordable to all and loans to students who may need them.

‘’No Nigerian student will have to abandon higher education because of lack of money. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

‘’We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.

‘’I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn,’’ Tinubu said.

Tags: MSMEs
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
Next Post
Experts seek implementation of economic development plans

FG inaugurates committee for 29th Economic Summit

Nigeria suspends mining in Zamfara

Federal to collaborate with state to eliminate illegal mining

Recommended Stories

MTN to run banking services?

MTN rolls out 5G, targets five cities in one month

August 24, 2022
IMF raises alarm over Nigeria’s economy, but supports reform efforts

High inflation rattles traders

November 24, 2023
Africa-Europe Alliance presents progress report

Filmmaker Adejuiyigbe tasks writers on Africa

November 13, 2019

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us