The Federal Government of Nigeria has disbursed a total of 738.8 million Naira in presidential grants to 14,776 business owners in Ebonyi State. This initiative aims to support and empower entrepreneurs in the state, fostering economic growth and development.
The Bank of Industry (BOI) has reported that 14,776 entrepreneurs in Ebonyi have received support from the Federal Government’s Presidential Grants program.
Chukwudi Asiegbu, the BOI Manager for Ebonyi, shared this information during a town hall meeting held on Friday in Abakaliki, where he discussed the results of the grant initiative.
He noted that each recipient was awarded N50,000, totaling N738.8 million in disbursements.
“The beneficiaries cut across the 13 local government areas in the state; 14,776 individuals received a sum of N50, 000 each.’’
The manager further stated that the government had also announced a N75 billion loan facility to provide financial support to Micro, Small, and Medium Enterprises (MSMEs) across the nation.
“Today, we have a sensitisation programme and a town hall meeting to educate the general public about the Federal Government Micro, Small, and Medium Enterprises (MSMEs).
“The programme has three arms; the first is the Presidential Grants Scheme which N738.8 million had already been disbursed.
“The second is the N75 billion MSMEs loan where business owners can receive up N5 million.
“The third is also N75 billion manufacturers fund; this is designed to support industrial-scale enterprise
“We have inaugurated the N75 billion loans nationwide; registered business owners can access a maximum of N5 million with a competitive interest rate of 9 per cent through BOI.
“The registration has started and this is for everybody so long as you have business doing; go online if you have a registered business in the state and you are an employer of labour,” he said.
Earlier, Governor Francis Nwifuru, represented by Ann Aligwe, the Commissioner for Human and Capital Development, praised the Federal Government for its initiatives and support aimed at facilitating business operations for citizens.
Martin Zohu, an official from the Office of the Vice-President, indicated that the purpose of the town hall meeting was to discuss the Federal Government's interventions, including grant and loan programs for Micro, Small, and Medium Enterprises (MSMEs).
Nneka Ogbonna, a wig vendor and recipient of the N50,000 grant, expressed her gratitude to the Federal Government, noting that the funds significantly contributed to the growth of her business.
Another recipient, Chikaodili Emma from Onicha local government, also shared his appreciation for the assistance. He mentioned that he, along with his wife and sister-in-law, each received the N50,000 grant, which enabled him to establish his beverage business.