By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: FG Launches N200bn Fund for MSMEs and Manufacturing Sector – Here’s How to Apply
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

FG Launches N200bn Fund for MSMEs and Manufacturing Sector – Here’s How to Apply

Yusuf Abubakar
By Yusuf Abubakar
Published: April 22, 2024
Share
3 Min Read
SHARE

The Federal Government of Nigeria through the Ministry of Industry, Trade and Investment has launched the MSME and Manufacturing segment of the highly anticipated Presidential 200 Billion Naira Fund.

In a public announcement, the government expressed its commitment to strengthening the nation’s industrial sector and fostering an environment conducive to business growth.

The fund’s allocation is divided into two parts: 75 Billion Naira for Micro, Small, and Medium Enterprises (MSMEs) and another 75 Billion Naira earmarked for the manufacturing sector.

This initiative follows the successful closure of applications for the Presidential Conditional Grant Scheme, which has already shown remarkable success by supporting 1 million nano businesses across Nigeria.

- Advertisement -

Through this fund, the government aims to provide much-needed financial assistance to MSMEs and manufacturers, enabling them to expand their operations, acquire modern equipment, and enhance their competitiveness in both domestic and international markets.

Loan Eligibility Criteria:

For MSME Loans up to 1 Million Naira:

A. Eligibility Criteria:

- Advertisement -

  • Must be an existing business operational for at least one year or a registered start-up.
  • Submission of Corporate Affairs Commission (CAC) business registration documents.
  • Presentation of Company’s Bank Statement for existing businesses or Chief Promoter’s Bank Statement for start-ups.
  • Fulfilment of required monthly turnover and compliance with other stipulated bank requirements.

B. Security:

  • Provision of Personal Guarantee by the promoter.
  • Agreement to Biometric Verification Number (BVN) Covenant.
  • Adherence to Global Standing Instruction (GSI) and other prescribed securities by the bank.

C. Repayment Frequency:

  • Monthly equal instalments with no moratorium, spanning a 3-year term.

For Manufacturers (For Loans up to 1 Billion Naira):

  • Flexibility to choose between Working Capital or Asset Financing.
  • Maintenance of at least a 6-month business/corporate banking relationship.
  • Submission of additional documentation as specified by the bank.

Repayment Terms:

  • Asset Financing: 5-year repayment period.
  • Working Capital Financing: 6-month moratorium on principal and interest, followed by a 12-month equal instalment repayment plan.

To apply, please visit our official application portal at www.fedgrantandloan.gov.ng.

For detailed information and assistance, prospective applicants are encouraged to reach out to their local state Bank of Industry branch.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:FG
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByYusuf Abubakar
Follow:
Yusuf Abubakar, Born in the mid-’90s, a recipient of various meritorious awards, a passionate entrepreneur, an advocate of good governance, a toast master and a patriotic Nigerian.
Previous Article Yul Edochie Shocks Nigerians, Reveals Face of Second Son with Wife, Judy Austin
Next Article FCCPC Storms Abuja Chinese Supermarket Accused of Denying Nigerians Entry

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Anambra, Osun Polls: APC Faces Internal Strife as Soludo and Adeleke Engage President Tinubu Amid Election Tensions
Politics Top stories
Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?