In a nationwide televised broadcast on Monday, President Bola Tinubu unveiled a comprehensive economic initiative aimed at bolstering the manufacturing sector and supporting small and medium-sized enterprises (SMEs). The initiative entails a provision of N75 billion for the manufacturing sector between July 2023 and March 2024.

The president explained that this funding would empower 75 enterprises, granting them access to N1 billion credit at 9% per annum for long-term loans and 12 months for working capital. The objective is to enhance the sector’s capacity, promote job creation, and stimulate sustainable economic growth.

Additionally, President Tinubu pledged N125 billion for SMEs, allocating N50 billion as a conditional grant for 1 million nano businesses by March 2024. This move aims to drive financial inclusion and onboard beneficiaries into the formal banking system.

Furthermore, the government plans to allocate N75 billion to fund 100,000 MSMEs and start-ups, providing each beneficiary with N500,000 to N1 million at 9% interest per annum with a repayment period of 36 months.

The economic initiative showcases the government’s commitment to supporting key sectors and promoting growth across the nation.

(People’s Gazette )