As part of its commitment to promote economic development, entrepreneurship and financial empowerment, the Federal Government has announced the disbursement of N150 billion small loans to business owners across the 774 local government areas in the country and administered to the beneficiaries at a single-digit interest rate of 9 percent per annum.
According to a statement signed by the Minister for Industry, Trade and Investment, Dr Doris Uzoka-Anite, the Presidential Conditional Grant and the Presidential Palliative initiatives will encourage entrepreneurship and job creation.
The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, will collaborate with State and Local Governments, Federal Legislators, Federal Ministers, Banks and other Stakeholders.
The statement added tgat, “While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.”
