FG Announces 50,000 Naira Subsidy to “Nano” Companies Nationwide, Aiming to Provide 150 Billion Naira to Small and Medium Enterprises

Federal Government Announces 50,000 Naira Subsidy to “Nano” Companies Nationwide, Aiming to Provide 150 Billion Naira to Small and Medium Enterprises

To help small and medium-sized enterprises (MSMEs) recover from the impact of the removal of fuel subsidies, the federal government has announced plans to spend NOK 150 billion on micro, small and medium-sized enterprises (MSMEs) and manufacturers. This includes the introduction of the Presidential Palliative Loan Program (PPLP), which provides financial support to address economic challenges after subsidies were cut off earlier this year.

Under the Presidential Conditional Grants Programme, the government will distribute N50,000 to “Nano” companies in all 774 Local Government Areas across the country. Dr. Minister of Industry, Trade and Investment Doris Uzoka Anite stressed that these capital injections are aimed at strengthening the resilience of small and medium-sized enterprises and supporting their sustainability.
Beneficiaries of this initiative will have to repay the funds at 9% interest.

The disbursement process will be organized in collaboration with state and local governments, members of Congress, federal ministers, banks, and other stakeholders. Eligible businesses will be required to provide valid proof of residence or business address in their respective municipalities, as well as important personal and bank account information, including a Bank Verification Number (BVN) for identity verification. .

This program represents a significant intervention by the federal government to provide much-needed financial assistance to small and medium-sized businesses and nanoscale enterprises. The aim is to alleviate the economic pressure caused by the removal of fuel subsidies and ensure sustainable business growth.

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