Ministry of State gets N200billion to support SMEs and other industries

The Federal Executive Council (FEC) has secured a facility worth N200b from a number of lenders spearheaded by Credit Suisse AG to finance industrialisation projects in the country, as well as boost SMEs. The stimulus facility was announced last night at the FEC meeting chaired by President Muhammadu Buhari.

While the facility will be fully executed under the strict supervision of the Ministry of State, Budget & National Planning, disbursement will be carried out majorly by the Bank of Industry (BOI), with the aim of creating not less than 1.2million jobs through the recipients.

According to the Minister of State, Budget & National Planning, Mr. Clement Agba, “The loan is basically to finance major industrialisation projects and Micro Small and Medium Enterprises value chain in Nigeria for up to five years’ tenure at affordable rates.”

“These rates are single digit rates. The guarantor of the loan shall be the Federal Republic of Nigeria and this is going to be executed through the Ministry of Finance, Budget and National Planning.”

The major targets of the loan are industries covering manufacturing and agro-processing units, in addition to Small Medium Enterprises comprising viable startups of all kinds.