President Bola Ahmed Tinubu has announced that 1,300 Nano business owners in each of the 774 Local Government Areas in the country are to receive N50,000 conditional grant between now and March 2024.
In a nationwide broadcast on Monday, Tinubu said his administration recognised the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth, and would energise the sector with N125 billion, out of which the Federal Government would spend N50 billion on Conditional Grant to one million nano businesses.
He also said:
“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 a 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 maximum of 60 months repayment for long term loans and 12 months for working capital.
“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.
“Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.
“These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.
“We are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.”
