The federal government has launched the Presidential Grants and Loan Scheme for Micro, Small, and Medium Enterprises (MSMEs) across the country.
In Ogun State, the Bank of Industry (BOI) says over 20,000 nano businesses have benefited from the scheme in Ogun State.
The BOI said the beneficiaries received N50,000 grant each, bringing the amount disbursed so far to over N1billion.
The State Manager of BOI, Michael Agidani at a town hall meeting explained that the initiative is a transformative force for the citizens of Nigeria, revitalising small businesses and enhancing economic prospects to cushion the effect of the fuel subsidy removal.
He said the three-legged scheme has N75bn loan dedicated to MSMEs, another N75bn to the manufacturing sector, while the N50,000 grant is targeted at nano businesses.
“So far, over N1billion has been disbursed to beneficiaries (of N50,000 grant) in Ogun State. Over 20,000 have benefitted in Ogun State under that fund and it has impacted on up to 20 local government areas. The target is about a thousand per LG.
“In Bauchi, the branch Manager, Bank of Industry, Isa Nadada, explained that each of the beneficiaries would be given the sum of N1m.”
