Economy Gets N1.1trn Boost As 75 Firms, MSMES Benefit From Loans

The Federal Government has announced a massive financial support package to reflate the economy, with 75 major companies and Micro, Small and Medium Enterprises (MSMEs) set to benefit from N1.1 trillion loans.

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According to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, 75 major companies will receive N1 billion single-digit loans next month, while MSMEs will get N125 billion loans.

This follows the verification of over 700,000 applications.

“The 660,320 nano beneficiaries, representing over 60 per cent of the targeted one million, have received disbursements across 774 local governments,” Uzoka-Anite said during a visit to Cross River State Governor Bassey Otu and an interaction with beneficiaries of the presidential grant and prospective beneficiaries of loans to MSMEs.

The minister added that the financial support is part of the government’s efforts to boost the economy and support businesses.