Breaking News
JUST IN: We’ve earmarked N75bn, N125bn for manufacturing sector, MSMEs, Tinubu assures Nigerians
He further promised to give N50,000 each to 1,300 owners of nano businesses in all local government areas in the country, as N50 billion will be utilised for that project.
President Bola Tinubu has said that the Federal Government will spend N75 billion to expand the manufacturing sector in order to create jobs for Nigerians.
The president said the fund will be spent from July 2023 to March 2024 as a mechanism to finance no fewer than 75 enterprises to begin sustainable economic growth in Nigeria.
He also disclosed that about N125 billion has been set aside to fund the micro, small and medium-sized enterprises as well as the informal sector, acknowledging their importance to economic growth.
Tinubu made these known during a nationwide broadcast on Monday evening.
“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,” Tinubu said.
“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 annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital.”
Speaking on SMEs, the president said, “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.”
He further promised to give N50,000 each to 1,300 owners of nano businesses in all local government areas in the country, as N50 billion will be utilised for that project.
“Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now 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,” he said.
“Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. 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 N1 million at 9% interest per annum and a repayment period of 36 months,” he added.
