• Thursday, February 22, 2024
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Bank of Industry set to give out N200bn to MSMEs, others

BoI wins four international banking, sustainability awards

The Federal Government has entrusted the Bank of Industry (BOI) with the role of serving as the executing agency for a substantial N200 billion fund, designed to bolster businesses across Nigeria.

This initiative, spearheaded by the Federal Ministry of Industry, Trade, and Investment (FMITI), comprises three distinct funds: the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, each aimed at addressing diverse needs within the business ecosystem.

In a statement from BOI, it said that among these funds, the Presidential Conditional Grant Scheme (PCGS) stands out as a significant effort to support eligible Nano Business owners with a dedicated N50 billion grant scheme.

This targeted financial assistance is poised to benefit a minimum of 1,000 beneficiaries per Local Government Area (LGA) across the 774 LGAs nationwide, along with the six Council Areas in the Federal Capital Territory (FCT).

The primary focus of the PCGS is to empower and uplift Nano Business owners, especially women and youths, who often face significant barriers to accessing conventional financing avenues.

Various types of small businesses qualify for support, such as traders, food vendors, ICT businesses, transporters, artisans, and creatives.

Importantly, beneficiaries of the PCGS are not burdened with repayment obligations, positioning this grant scheme as a pivotal resource for grassroots economic development and inclusive growth. By fostering entrepreneurship and providing vital financial support to underserved segments of the population, the PCGS aims to catalyze sustainable socio-economic progress across the nation.