Business
FG’s N75bn loan facilities to Manufacturers ready – Minister ▪︎Disburse Thru BoI – MAN
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.
Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
Business
FG approves tax waivers for 4,000 electric vehicles
Nigeria’s 2022 Energy Transition Plan targets electric vehicles accounting for 60 per cent of the country’s vehicle fleet by 2050. However, the country is still at the early stages of the transition.
The Federal Government has approved tax waivers for almost 4,000 electric vehicles imported into Nigeria in the first half of 2026.
Government data reviewed by Reuters in a report on Wednesday showed that the approvals represented the first batch processed under a new government initiative designed to encourage the adoption of cleaner vehicles through tax incentives and local vehicle assembly programmes.
The move signals an intensification of Nigeria’s efforts to shift part of its transport system away from petrol and diesel vehicles, even though the country’s electricity supply remains far below the level required to support large-scale electric vehicle adoption.
Nigeria’s 2022 Energy Transition Plan targets electric vehicles accounting for 60 per cent of the country’s vehicle fleet by 2050. However, the country is still at the early stages of the transition.
Official data on the current number of electric vehicles on Nigerian roads is unavailable, but dealers cited by Reuters estimated that EVs account for less than one per cent of the country’s vehicle fleet, translating to only tens of thousands of vehicles.
-
Crime3 days agoGovernor Mbah Commends Security Forces Over Arrest Of Affa Church Kidnappers
-
International3 days agoTrump cancels 175,000 visas for violations of public safety
-
Business3 days agoNaira Exchange Rates Tuesday, August 11
-
News3 days agoScavengers Damaging Lagos Bridges [PHOTOS]
-
Crime3 days agoUK court jails Congolese for murder of Nigerian
-
Politics3 days ago2027: Ezekwesili Backs Peter Obi for President [Here’s Why]
-
News3 days agoNLC disrupts Air Peace flight
-
News3 days agoEkwulobia Suspends New Yam Festival for Kidnap Billionaire Son
