Nigeria’s President Bola Tinubu during a presidential broadcast on July 31 to roll out palliative measures to cushion the effect of fuel subsidy removal revealed that the federal government will spend N75 billion to fund 75 enterprises.

He said this has great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity in the country.

Tinubu said the initiative is designed to strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs.

Since the president’s speech, manufacturers and stakeholders in the sector have been reacting to the move by the government.

In Lagos, Nigeria’s commercial capital, Correspondent David Taylor Manufacturers sought the view of the Head of Sales & Partnership, Lekky Mills Tracy Dabul and M.D/ CEO F.A.E Limited Princess Layo Oke-owo, on the grant to the sector by the Nigerian government. 

Stakeholders in the manufacturing sector appealed to the government to support them by reducing taxes, granting access to affordable loans among others.  

Access24 reports that the duration of the initiative is between July 2023 and March 2024 each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.