• Saturday, April 13, 2024
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BusinessDay

President Bola Tinubu: We will spend N75bn on manufacturing

Nigerian ambassadors’ return uncertain as recall deadline approaches

President Bola Tinubu has said the government will provide financial support to manufacturers to cushion the effects of the petrol subsidy removal and naira devaluation.

According to Tinubu, his administration will spend N75 billion for manufacturers between July 2023- March 2024.

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He said this in his broadcast 7pm today.

“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,” he said.

He said the 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 one billion naira credit at nine per annum with maximum of 60 months repayment for long term loans and 12 months for working capital,” he added.