The Bank of Industry (BoI) has distributed N1 billion to support 20,000 small business owners across Ogun State under the Presidential Conditional Grant Scheme.
This scheme is an initiative that targets the micro, small, and medium-sized enterprise (MSME) sector.
The BoI Manager in Ogun, Michael Agidani, made the announcement during a town hall meeting in Abeokuta, a session focused on raising awareness about the Presidential Grant and Loan Scheme, News agency of Nigeria reports.
According to him the program, which has a N50 billion national budget, provides N50,000 grants to individual MSME owners as part of a broader federal strategy to empower small business operators with financial resources. “In Ogun, over N1 billion has been channeled to support business owners across the state’s 20 Local Government Areas, while nationwide disbursements have reached N40 billion so far,” he said.
Some context
The scheme forms part of a significant financial intervention by the Nigerian government, intended to uplift local economies through direct support for small enterprises.
- At the town hall, Agidani also introduced participants to the N75 billion Presidential Intervention Loan aimed at larger enterprises.
- This loan, payable within three years at a 9% interest rate, is expected to benefit up to 75,000 companies across Nigeria, granting each a maximum of N1 million.
- Adebola Sofela, Ogun’s Commissioner for Industry, Trade, and Investment, represented by Mrs. Oluyemisi Somoron, explained the importance of the grant and loan programs as transformative opportunities for MSMEs.
“This scheme provides MSMEs and manufacturing businesses with essential capital to enhance their production capacity, scale operations, and drive local economic growth,” Sofela said. “It also gives entrepreneurs a unique platform to engage with financial institutions, government officials, and support agencies focused on sustainable business development.”
- Abiodun Awoniyi, the State Manager for the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), highlighted the program’s potential to significantly reduce unemployment in the region.
- He encouraged eligible business owners to seize the opportunity, noting that Ogun’s participation has yet to meet anticipated levels. “This is a vital resource to enhance the economic landscape and support Ogun’s businesses,” he added.
- Other attendees, including trade association leaders and government representatives, showing the importance of the scheme in building a more resilient economy. The event also allowed beneficiaries and business owners to learn more about accessing additional government funding and connect with agencies focused on fostering sustainable growth in the MSME sector.
The BoI’s intervention reflects the Federal Government’s continued commitment to promoting MSME development as a cornerstone of economic empowerment and job creation across Nigeria.
