The Bank of Industry (BoI) has distributed N1 billion to support 20,000 small business owners across Ogun State under the Presidential Conditional Grant Scheme.
This scheme is an initiative that targets the micro, small, and medium-sized enterprise (MSME) sector.
The BoI Manager in Ogun, Michael Agidani, made the announcement during a town hall meeting in Abeokuta, a session focused on raising awareness about the Presidential Grant and Loan Scheme, News agency of Nigeria reports.
According to him the program, which has a N50 billion national budget, provides N50,000 grants to individual MSME owners as part of a broader federal strategy to empower small business operators with financial resources. “In Ogun, over N1 billion has been channeled to support business owners across the state’s 20 Local Government Areas, while nationwide disbursements have reached N40 billion so far,” he said.
The scheme forms part of a significant financial intervention by the Nigerian government, intended to uplift local economies through direct support for small enterprises.
“This scheme provides MSMEs and manufacturing businesses with essential capital to enhance their production capacity, scale operations, and drive local economic growth,” Sofela said. “It also gives entrepreneurs a unique platform to engage with financial institutions, government officials, and support agencies focused on sustainable business development.”
The BoI’s intervention reflects the Federal Government’s continued commitment to promoting MSME development as a cornerstone of economic empowerment and job creation across Nigeria.