Bank of Industry to Administer N200bn Fund to Buisinesses

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The Federal Government has entrusted the Bank of Industry (BOI) with a N200 billion fund aimed at bolstering businesses nationwide.

Spearheaded by the Federal Ministry of Industry, Trade, and Investment (FMITI), this initiative comprises three funds: the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund, each tailored to address specific needs within Nigeria’s business ecosystem.

Of particular note among these funds is the Presidential Conditional Grant Scheme (PCGS), which earmarks a substantial N50 billion to support eligible Nano Business owners. Targeting a minimum of 1,000 beneficiaries per Local Government Area (LGA) across Nigeria’s 774 LGAs and the six Council Areas in the Federal Capital Territory (FCT), the PCGS aims to empower Nano Business owners, especially women and youths who often struggle to access traditional financing avenues.

Under the PCGS, a diverse array of small businesses qualify for support, including traders, food vendors, ICT businesses, transporters, artisans, and creatives. Importantly, recipients of the PCGS grant are not required to repay the funds.

This initiative represents a proactive step by the government to empower small businesses, invigorate local economies, and create opportunities for individuals who aspire to build thriving enterprises in their communities.

Source: Business Day

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