BOI Unleashes N200 Billion Boost: Funding Opportunities for Businesses Nationwide

In a transformative move, the Bank of Industry (BOI) has unveiled three funding categories totaling N200 billion to support companies and manufacturers across Nigeria. This financial injection is derived from the FGN MSME Intervention Fund, the FGN Manufacturing Sector Fund, and the Presidential Conditional Grant Scheme.

The bank specified that a N50 billion Presidential Conditional Grant Scheme is earmarked to aid eligible nano business owners. A minimum of 1,000 beneficiaries, with a focus on women and young entrepreneurs, will be selected across the 774 local government areas and the six council areas in the federal capital.

Targeted nano businesses include traders, food vendors, ICT businesses, transporters, artisans, creatives, and more. Notably, this grant component is non-repayable, ensuring a direct boost to the recipients.

To qualify, beneficiaries must own a nano business, commit to registering a business name as their venture expands, and be ready to employ at least one additional staff member with increasing business turnover. Proof of residential/business address, along with essential personal and bank account information, including Bank Verification Number (BVN) and National Identification Number (NIN), is required for identity verification. Timely submission of applications is crucial for eligibility.

The FGN MSME Intervention Fund, a N75 billion fund, is dedicated to supporting Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Operating as a safety net, the fund aims to alleviate the high costs associated with production, marketing, and distribution, driven by infrastructure challenges affecting MSMEs. Beneficiaries will receive funding at a 9% annual all-inclusive interest rate, with a maximum limit of N1 million and a specified tenor.

Simultaneously, the FGN Manufacturing Sector Fund, also a N75 billion initiative, targets qualified manufacturing firms. Serving as a buffer against rising production costs, the fund addresses challenges tied to infrastructure and unrelated factors impacting Nigeria’s manufacturing sector. Recipients can access up to N1 billion at a 9% annual all-inclusive interest rate, with a five-year tenor for term loans and one year for working capital.

This BOI funding initiative aims to catalyze economic growth, empower entrepreneurs, and fortify the resilience of businesses across the nation. Stay tuned for updates on this groundbreaking opportunity.

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Patrick Odey

Patrick Odey, a native of Benin, Edo State. He studied the English Language at the University of Benin, Edo State. He is a Blogger Contact: patrickodey222@gmail.com

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