Connect with us

Business

FG’s N75bn loan facilities to Manufacturers ready – Minister ▪︎Disburse Thru BoI – MAN

Published

on

165 Views

President Bola Tinubu’s N75 billion loan facilities to manufacturers is now ready for disbursement. 
Also the N75 billion to Micro, Small and Medium-sized Enterprises, MSMEs, across various sectors of the economy

The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, announced this, in a press statement made available to media houses, weekend.

The statement reads: “In the Presidential Conditional Grant Programme, the Federal Government will disburse a grant sum of N50,000.00 to nano businesses across the 774 local government areas in the country.

Also, for the Presidential Palliative Loan Programme, it said: “The Federal Government will likewise disburse N75 billion to Micro, Small and Medium-sized Enterprises, MSMEs, across various sectors and N75 billion specifically to Manufacturers.

“The loan shall be administered to the beneficiaries at a single-digit interest rate of 9 percent per annum.

“While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.

“MSMEs and manufacturers can apply for the loans by submitting their application on the portal provided for the programme.

The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.”

Earlier, Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria ( MAN), said that it is very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored.

“The Bank of Industry (BoI) has shown excellent performance as an appropriate transaction structure for such facilities, ” he said.

President Tinubu, in a nationwide broadcast on July 31, had promised to strengthen the manufacturing sector by providing N75 billion to 75 manufacturers between July and March next year.

The loan is expected to cushion the impact of the fuel subsidy regime and exchange rate unification on the manufacturing sector.

In his speech, the President said, “To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we will spend N75 billion between July 2023 and March 2024.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

PENGASSAN – Dangote Rift: A needless attack on private enterprise

Published

on

By

15 Views

The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

Continue Reading

Business

FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

Published

on

By

29 Views

The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

Continue Reading

Business

ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

Published

on

By

30 Views

ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

.

Continue Reading

Trending