Bank of Industry (BOI) Poised to Distribute N200 Billion to MSMEs And Other Beneficiaries
The Federal Government has entrusted the Bank of Industry (BOI) with administering a substantial N200 billion fund aimed at bolstering businesses across Nigeria.
Spearheaded by the Federal Ministry of Industry, Trade, and Investment (FMITI), this initiative comprises three distinct funds: the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.
According to a statement from BOI, the PCGS stands out as a significant effort to support eligible Nano Business owners with a dedicated N50 billion grant scheme. This targeted financial assistance aims to benefit a minimum of 1,000 beneficiaries per Local Government Area (LGA) across the 774 LGAs nationwide, along with the six Council Areas in the Federal Capital Territory (FCT).
The PCGS focuses on empowering Nano Business owners, particularly women and youths, who often encounter barriers to accessing traditional financing channels. Various types of small businesses, including traders, food vendors, ICT businesses, transporters, artisans, and creatives, qualify for support.
Crucially, beneficiaries of the PCGS are not required to repay the grants, positioning this scheme as a vital resource for grassroots economic development and inclusive growth. By promoting entrepreneurship and providing essential financial support to underserved segments of the population, the PCGS aims to drive sustainable socio-economic progress nationwide.
