75,000 Nigerians Set to Receive N1 million Each in Micro and Small Business

In response to nationwide protests over hunger and governance issues, President Bola Tinubu has announced significant economic measures to support Nigerian businesses and create jobs. During a national broadcast, he revealed that 75,000 Nigerians are set to receive N1 million each in micro and small business loans at single-digit interest rates starting in August 2024.

President Tinubu highlighted his administration’s achievements over the past year, including the construction of 10 MSME hubs and the creation of 240,000 jobs. He added that five additional hubs are underway and will be completed by October 2024.

“Seventy-five thousand beneficiaries have been processed to receive our N1 million micro and small business single-digit interest loans, starting this month. We have also built 10 MSME hubs within the past year, created 240,000 jobs through them, and five more hubs are in progress which will be ready by October this year,” President Tinubu stated.

In addition to supporting small businesses, the president announced that payments of N1 billion each are being made to large manufacturers under the Federal Government’s single-digit loan scheme to boost manufacturing output and stimulate economic growth. “Payments of N1 billion each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth,” he said.

These initiatives aim to address the economic challenges facing Nigeria and promote sustainable development by empowering small and large businesses alike.