President Bola Tinubu announced ₦75 billion to fund 75 enterprises in the manufacturing sector. ₦125 billion has also been earmarked to support micro and small businesses.
President Bola Tinubu has announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges. In a nationwide broadcast on Monday evening.
Tinubu disclosed that his government intends to spend N75 billion between July 2023 and March 2024 to strengthen the manufacturing sector.
According to the president, the fund will support 75 enterprises, each accessing “N1 billion credit at 9% per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital”. However, how this policy will be implemented wasn’t stated.