The federal government said it has fully allocated the N75 billion Manufacturing Sector Fund (MSF) set aside to support manufacturing businesses under the N200 billion Presidential Intervention Fund initiated by President Bola Tinubu.
Senior Special Assistant to the President on Public Engagement, Fredrick Nwabufo, disclosed this while giving an update on the status of the Fund as of October 2024.
Under the real sector intervention initiative, the N75 billion MSF is set aside to support 75 eligible manufacturing businesses with up to N1 billion each at a single digit interest rate.
Nwabufo said that the Bank of Industry (BoI), which is overseeing the implementation of the programme, has processed and approved N78.5 billion for 143 manufacturing companies, with only N6.3 billion fully disbursed to 8 manufacturing companies, N9.1 billion at various stages of disbursement to 23 companies, while the remaining 112 companies valued at N63.1 billion are at various stages of meeting precedent conditions for disbursement.
His words: “BoI received several applications directly and has processed and approved 143 manufacturing companies with a total loan value of N78.5 billion.”
