Beneficiaries Applaud Federal Govt’s MSMEs Scheme

Beneficiaries of Micro, Small and Medium Enterprises (MSMEs) grants and loans provided by the President Bola Tinubu-led administration have declared that the scheme is not a fraud.

Those who got the Presidential Nano-business grant of N50,000 noted that the scheme “is never a scam but real, with seamless protocol that made the grant access easy.

They disclosed this during a townhall meeting on Presidential Grants and Loans Scheme for MSMEs in Enugu.

A livestock farmer from Udi local government area, Mr Uchenna Eneh, said that he invested the free N50,000 grant he collected through the Presidential Grant on expanding his livestock business and “God really blessed me with the grant.

“I used the money to buy two hybrid piglets and their feeds about some months ago.

“Just last week, one of the piglets gave birth to four piglets while the other’s pregnancy has reached an advanced stage and getting ready to deliver as well. So, I must say that the grant helped me a lot and I can envisage what to use it for and its benefits to my business today,” Eneh said.

A businessman dealing on provisions in Aninri local government area, Mr Chikezie Igwe, said that the presidential grants had enabled his business to survive the harsh economy as the whole money went into his business directly.

“The money was like God-sent as it assisted me greatly to continue in business even when the cost of restocking my provision items went up at a time before the money came,” Igwe said.

A sachet water producer in Awgu local government area, Mr Julius Azi, said that the grant given to him was used to meet production needs of his factory.

Azi noted that at a time, “the production cost for sachet water skyrocketed but with the grant coming timely, we are able to stay in business till today.”

A printer and trader on yam tubers from Ukehe community in Igbo Etiti local government area, Mr Ifeanyi Obah, disclosed that he invested the money in expanding his yam tuber sales business.

“I used it to invest in my yam sales business. I buy from Benue State and sell in Enugu here and since getting the grant, the business has been growing steadily,” Obah said.

Earlier, the Bank of Industry (BOI) manager in Enugu State, Mrs Anulika Akabogu, said that the federal government through the Presidential Grants and Loans Schemes had set up a ₦75 billion intervention loan for MSMEs.

According to Akabogu, the intervention loan is aimed at assisting the cost of production of 75,000 MSMEs in Nigeria.

She said beneficiaries would get ₦1 million loan to enable them to boost their businesses, adding that those operating sole proprietorship, partnership and limited liability company are qualified for the intervention.

“The loan has nine per cent interest rate per annum and a maximum of three years, including three months moratorium on principal and interest.

“Any business seeking the intervention loan must be registered with the Corporate Affairs Commission of Nigeria,” she stated.

Special adviser to the Enugu State governor on Small and Medium Enterprises (MSEs), Mr Arinze Chilo-Offiah, commended the federal government for setting up the intervention grants and loans.

Chilo-Offiah described the grants and loans as a huge relief to business owners and enterprises due to the high cost of operating a business in Nigeria.