The Bank of Industry (BOI) has announced that 17,000 businesses in Enugu State will benefit from the Presidential Conditional Grant Scheme, with N4.3 billion already disbursed to beneficiaries.
This initiative is part of the Federal Government’s efforts to support Micro, Small and Medium Enterprises (MSMEs), which have been struggling with high production costs following the removal of fuel subsidies.
According to Mrs. Anuli Akabogu, Branch Head of BOI in Enugu, the government has chosen BOI as one of the agencies to handle the intervention programs.
Speaking during a Town Hall meeting in Enugu on Tuesday, Akabogu said there are also other beneficiaries who have been enumerated but are yet to receive the N50,000 grant, which will be concluded soon.
She explained that the N75 billion intervention programme for MSMEs aims to reduce production costs, which have skyrocketed due to the fuel subsidy removal. This move is expected to alleviate some of the economic pressures faced by businesses in the state.
“This is because we know that the cost of production has really gone high especially with the removal of fuel subsidy,” she said.
Mr Arinze Chillo-Offia, Head of Enugu Small and Medium Enterprises Center, said that over 9,000 people had benefited from the scheme so far.
Chillo-Offia added that the scheme was for the 17 local government areas of Enugu, urging others who have not applied to make use of the opportunity and apply immediately.
Also speaking, Dr Ifeanyi Okeke, Director-General of the Standard Organisation of Nigeria that the N200bn Presidential Intervention Fund comparing of the Presidential Conditional Grant Scheme and Loan Scheme for MSMEs and manufacturing enterprises in the emerging global market was timely.
Okeke, represented by Mrs Chukwumuanya Okeagu, said it would create a common market for Africa, especially with the standard harmonisation programme in Africa.
Mr Eberechukwu Ijeomah, Enugu State Manager, Small and Medium- Enterprises of Development Agency of Nigeria urged the participants to always key into the FG intervention programme so as to benefit as other regions in the country.
Ijeomah advised them to also ask questions about all government progrommes in order not to be left out, adding that SMEDAN is always there to help.
The Regional Manager, Access Bank, Mr Daniel Nzeka said that the PCGS was many efforts of the FG to make sure that bank were easily accessible as the bank has various loans for Small and Medium Enterprises.
Nzeka urged everyone to make maximum use of the opportunity as Access Bank was there to support them in anyway.
One of the beneficiaries of the scheme, Mr Okechukwu Uche expressed his joy over the amount he got.
He said he thought it was a scam at the beginning but after applying, within a short period he got the grant.
