President Bola Tinubu, says the federal government will spend N75 billion between July 2023 and March 2024 to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.
The President made this known on Monday in a nationwide broadcast to the nation, saying 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.
He admitted that he knew the removal of subsidy was having a negative effect on Nigerians, but he wished there was another way.
The President noted, ”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.”
Tinubu added that his administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth, adding that federal government will energise this very important sector with N125 billion.
He explained that out of the sum, government will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024.
The President stressed that the target was to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
He added: “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 N1million at 9% interest per annum and a repayment period of 36 months.”
