Tinubu’s govt mulls N75bn intervention fund for small business owners

The President Bola Tinubu-led Federal Government says it is putting in place a N75 billion intervention fund to support small businesses in response to the country’s current economic challenges.

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said this at the beginning of the 18th Abuja International Trade Fair (AITF) on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that the trade fair is with the theme “Sustainable Financing and Taxation”.

Uzoka-Anite, represented by the Director of Commodity and Export in the ministry, Mr Kaura Irimiya, said the fund, which would be disbursed in March 2024 was to strengthen the manufacturing sector.

The minister said that the Federal Government would also provide small grants to micro businesses in each of the 774 Local Government Areas in the country.

According to her, the government has announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges.

“We intend to spend N75 billion by March 2024 to strengthen the manufacturing sector

We also intend to provide small grants to micro businesses in each to the 774 local governments of the federation

We have also earmarked a fund of N75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.

“Last week, we launched the National Technology Export (NATEP) programme, in partnership with Microsoft.

“And earlier this year we launched the over $600 million Investment in Digital and Creative Enterprises (iDICE) program, in partnership with African Development Bank and other partners,’’ she said.

The minister emphasised that empowering MSMEs was key to empowering youths and women and enabling them to contribute to the nation’s economic development.

According to her, the growth of MSMEs has a positive impact on the economy as it enables individuals to support their families and add value.

In his message, the Minister of the Federal Capital Territory (FCT), Nyesom Wike expressed the administration’s readiness to collaborate with the private