If you are a manufacturer and you have heard about the Federal Government’s palliatives for manufacturers, here is how to benefit.
These palliatives can help boost production and reduce the hostility experienced by manufacturers due to unfavourable government policies.
It is on this note that a ₦75 billion palliative loan programme has been put in place for manufacturers.
This is comign at a time when Nigeria has become the dumping ground for manufacturing countries around the world and her economy is in shambles.
Indeed, alleviating the impact of fuel subsidy removal and the food crisis challenge has become a daunting task.
Now, the Federal Government has come up with a plan of action to drive manufacturing and make it more productive.
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This followed the kick-off of two programmes targeted at alleviating the impact of fuel subsidy removal: the Presidential Palliative Loan Program and the Presidential Conditional Grant Program.
To this end, a ₦75 billion Presidential Palliative Loan Programme and Conditional Grant Programme to manufacturers have been instituted.
Each manufacturer can access up to ₦1 billion, depending on the capacity of such businesses.
Both initiatives require beneficiaries to meet certain conditions before approval and drawdown.
How To Apply For The Presidential Palliative Loan Programme and Conditional Grant Programme
Interested businesses are required to visit https://www.fedgrantandloan.gov.ng/ to apply for the grants and loans.
Beneficiary Nano-businesses under the Presidential Conditional Grant Programme are eligible to receive up to ₦50,000 after proving that they are located in their local government area.
Such Nano-businesses would provide personal and bank account details, such as the Bank Verification Number (BVN), for identity verification.
The Federal Ministry of Industry, Trade, and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will work with other stakeholders to disburse the funds.
According to the Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, the ministry is committed to promoting initiatives that would create jobs.
Uzoka-Anite said economic development, entrepreneurship, and financial empowerment are areas the Federal Government is very interested in.
She stated that manufacturers can access up to ₦1 billion in working capital with a repayment period of one year or five years for the purchase of machinery and equipment.
The loan shall be administered to the beneficiaries at a single-digit interest rate of 9% per year.
“While MSMEs can access loan facilities up to ₦1 million with a repayment period of three years.
“Manufacturers can access up to ₦1 billion in working capital financing with a repayment period of one year or five years for the purchase of machinery and equipment.”
Nano-businesses Can Access ₦50,000
Also, the Federal Government will disburse a grant of ₦50,000 to Nano-businesses across the 774 local government areas.
This will happen under the Presidential Conditional Grant Programme, Uzoka-Anite, revealed.
“The Federal Ministry of Industry, Trade, and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will collaborate with other stakeholders to disburse the funds.
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She also spelt-out conditions that eligible Nano-business beneficiaries should meet.
“Nano-businesses that must benefit from this program must be willing to provide proof of residential or business address in their local government area.
“They must also provide relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity,” she said.