, N200bn presidential palliative will support businesses in Nigeria – FG -

N200bn presidential palliative will support businesses in Nigeria – FG

The N200 billion Presidential Palliative Programme of President Bola Tinubu’s government, according to Dr. Doris Anite, Minister of Industry, Trade, and Investment, will help Nigerian companies.

Anite made this statement on Tuesday in Abuja during her presentation at the Ministerial Sectoral News Conference honoring President Bola Tinubu’s first anniversary.

Her statement stated that the program’s objective was to stimulate economic expansion by offering grants to nano enterprises and single-digit interest loans to manufacturers, Micro, Small, and Medium-Sized Enterprises, and MSMEs.

According to Anite, the ministry and the Bank of Industry, or BOI, successfully started the grants’ gradual payout in accordance with the palliative program.

According to the minister, President Tinubu is dedicated to advancing industrial clusters and manufacturing in order to promote industrialization.

She said: “The ministry had started the initial process of mapping out major industrial clusters throughout the nation in order to provide targeted intervention to these, thereby enhancing their competitiveness and vibrancy.”

She stated that while the government has begun connecting certain industrial clusters, many are still without access to economical and efficient power sources.

We are launching our “Light Up” initiatives, beginning with the Agbara Industrial Zone, which is not linked to the electrical grid, according to Dr. Anite. It is being connected to the electrical grid. We are going to connect captive gas power to Kano’s Danwanu market. We are supplying gas to the Nnewi industrial cluster.

We will keep concentrating on assisting industries until all industrial centers have access to gas and electricity, allowing them to produce goods more affordably and competitively. This calculated action demonstrates our commitment to using clusters as catalysts for inclusive prosperity, job creation, and innovation throughout Nigeria in support of the Renewed Hope Agenda.

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