Poised to turn around the economic fortunes of Nigeria, the
Federal Government has set up three funds amounting to N200 billion.
The funds are to provide support for micro, small, and
medium-sized enterprises (MSMEs) and nanobusiness owners.
Nano business is a form of business without a strategic
business plan or short-term plan and no projection to expand.
The partnership between the Corporate Affairs Commission
(CAC) and Moniepoint Micro Finance Bank on Wednesday resulted in the
registration of an outstanding two million micro, small, and medium enterprises
(MSMEs), effectively legitimizing their operations within the nation.
Dr. Olasupo Louisa, the Managing Director and Chief Executive
Officer of BOI, said in a statement that the grant will be disbursed to a
minimum of 1,000 beneficiaries, especially women and youths, per local
government area in the 774 LGAs across the nation and the six Council Areas in
the FCT.
He said: “The target Nano businesses include traders, food
vendors, ICT businesses, transporters, artisans, and creative, among others.
“This is the grant component of the initiative, as
beneficiaries are not required to pay it back. To be eligible, beneficiaries
must own a Nano business and be willing to register a business name as their
business grows, and be willing to engage at least one additional staff member
if the business turnover increases.
“They must also be willing to provide proof of residential or
business address in their local government area and provide relevant personal
and bank account information, including but not limited to, bank verification
number (BVN) and national identification number (NIN) for verification of
identity.
“The beneficiary must meet the application submission
deadline for the scheme.” [PSN]
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