The Bank of Industry has announced that it will disburse N200 billion in funds across three categories to boost manufacturers and enterprises around the country.
According to the development bank’s announcement, the monies comprised the Presidential Conditional Grant Scheme, the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
The Presidential Conditional Grant Scheme is a N50 billion grant programme to assist qualifying nanobusiness entrepreneurs.
The award will be distributed to a minimum of 1,000 recipients (mostly women and youth) across the Federal Capital Territory’s 774 local government units and six councils.
The statement read:
“The target nano businesses include: traders, food vendors, ICT businesses, transporters, artisans, creatives, among others. This is the grant component of the initiative, as beneficiaries are not required to pay back.
“To be eligible, beneficiaries must own a nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases.
“They must also be willing to provide proof of residential/business address in their Local Government Area, and provide relevant personal and bank account information, including but not limited to Bank Verification Number and National Identification Number for verification of identity. The beneficiary must meet the application submission deadline for the scheme.”
cc: Punch Ng
