▪︎Dr. Doris Uzoka-Anite
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has confirmed that the monies earmarked by President Bola Tinubu to energises the MSMEs and the manufacturing sectors of the economy , are now ready for disbursement.
President Tinubu, in a nationwide broadcast on July 31, had promised to strengthen the manufacturing sector by providing N75 billion to 75 manufacturers between July and March next year.
The loan is expected to cushion the impact of the fuel subsidy regime and exchange rate unification on the manufacturing sector.
In a statement signed by the Minister, weekend, said “MSMEs and manufacturers can now apply for the loans by submitting their application on the portal provided for the programme.
The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.
Loan Conditionalities
“The loan shall be administered to the beneficiaries at a single-digit interest rate of 9 percent per annum.
“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.”
Earlier, Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria ( MAN), said that it is very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored.
“The Bank of Industry (BoI) has shown excellent performance as an appropriate transaction structure for such facilities, ” he said.