Business owners, farmers, and traders in Enugu State have applauded President Bola Tinubu for his administration’s support of Micro, Small, and Medium Enterprises (MSMEs) through grants and loans aimed at boosting local businesses. This support, delivered via the Presidential Grants and Loans Scheme, has reportedly fueled growth and expansion for small businesses across the region.
The commendations came during a town hall meeting held in Enugu on Tuesday, where beneficiaries shared success stories from the Presidential Nano-Business Grant of N50,000 and other financial aid programs for MSMEs.
One beneficiary, Mr. Uchenna Eneh, a livestock farmer from Udi Local Government Area, described the impact of the grant on his farm: “With the N50,000 grant, I bought two hybrid piglets and their feed. Just last week, one of the piglets gave birth to four, while the other is set to deliver soon. This grant has truly transformed my business.”
Mr. Chikezie Igwe, a provisions dealer from Aninri Local Government Area, explained how the grant helped his business survive rising costs: “The grant was like a miracle. It allowed me to restock my inventory at a critical time and stay afloat despite the tough economy.”
In Awgu Local Government Area, sachet water producer Mr. Julius Azi credited the grant for helping his factory manage rising production costs: “With the grant, we were able to cover increased expenses and keep the business running.”
Similarly, Mr. Ifeanyi Obah, a yam trader from Ukehe in Igbo Etiti, shared how he used the grant to expand his yam sales business: “I invested in yam purchases from Benue State, and since then, my business has grown steadily.”
Read also: German companies wary of change in US economic policy after election
Mrs. Anulika Akabogu, the Bank of Industry (BOI) Manager in Enugu State, announced that the Federal Government has launched a ₦75 billion loan fund for MSMEs, aiming to support 75,000 businesses across Nigeria. Eligible businesses, including sole proprietorships, partnerships, and limited liability companies, can apply for loans of up to ₦1 million at a 9% annual interest rate with a three-year repayment period and a three-month grace period.
“To qualify, applicants must register their businesses with the Corporate Affairs Commission (CAC) and apply via the official loan portal,” Akabogu explained. “Only applications submitted through the portal with complete documentation will be processed.”
Mr. Arinze Chilo-Offiah, Special Adviser to the Enugu State Governor on Small and Medium Enterprises, praised the Federal Government’s efforts, describing the grants and loans as a “lifeline” for businesses facing high operating costs. He encouraged Enugu business owners to apply, noting the opportunity for sustainable growth and economic resilience.
