The Bank of Industry (BOI) has unveiled a N200 billion stimulus package to bolster manufacturing and MSMEs in Nigeria, providing much-needed support to boost economic growth and job creation.
The stimulus package features three key funding initiatives: the N50 billion Presidential Conditional Grant Scheme for nano enterprises, the N75 billion MSME Intervention Fund, and the N75 billion Manufacturing Sector Intervention Fund.
Aimed at traders, food vendors, transporters, artisans, and over 1,000 women- and youth-owned startups across 774 LGAs, the Presidential Conditional Grant Scheme provides grants up to N1 million per beneficiary. Applicants must register a business name and commit to hiring one extra employee as turnover rises.
The N75 billion MSME Intervention Fund offers 9 percent interest loans up to N1 million to cushion infrastructure deficiencies. The Manufacturing Sector Intervention Fund also provides loans up to N1 billion at 9 per cent interest to improve competitiveness.
BOI Managing Director, Olukayode Pitan, said: “These stimulus packages reinforce the Federal Government’s commitment to inclusive growth by creating jobs and supporting resilience. We urge manufacturers and MSMEs to apply.”.
The funding aims to cushion the impact of recent economic reforms and address rising production and distribution costs due to infrastructure gaps facing businesses. It follows President Bola Tinubu’s televised pledge to support industries with loans and grants after negotiations with organised labour unions called for palliatives.
Analysts described the stimulus package as a “shot in the arm” for local industries reeling from the economic crunch. The interventions are expected to boost output, rev up value-added, and set the stage for a manufacturing-driven recovery.