₦200bn small business support: what grants and loans are on offer and how to avoid fake links

President Tinubu and Vice President Shettima highlighted ₦200 billion in support for small businesses and manufacturers after a meeting with business owners at the State House on Friday. The package is made up of ₦50bn in grants, ₦75bn in loans for small businesses and ₦75bn for manufacturers, run by the Bank of Industry. It builds on funds first set up in 2024, and no new application window was announced.

At a meeting with representatives of micro, small and medium-sized enterprises (MSMEs) at the State House in Abuja on Friday 30 October, Vice President Kashim Shettima listed the President's approval of ₦200 billion in business support: ₦50 billion in grants, ₦75 billion in loans for MSMEs and ₦75 billion for manufacturing, The Nation and TVC reported. President Tinubu repeated the figures in a post on his official X account. Shettima also directed that the MSME stakeholders' forum be expanded and meet every quarter, with each meeting reviewing what was decided at the last one.

The three funds are run by the Bank of Industry and were first set up in 2024. According to the bank, the ₦50bn Presidential Conditional Grant Scheme is for nano businesses such as traders, food vendors, artisans, transporters and ICT and creative businesses, with at least 1,000 beneficiaries planned in each local government area, and it does not have to be repaid. Applicants must provide their BVN, NIN, bank details and proof of address in their local government area. The ₦75bn MSME fund gives loans of up to ₦1 million to businesses registered with the Corporate Affairs Commission, at 9% a year over three years, with repayment starting three months after payment.

The ₦75bn manufacturing fund offers eligible manufacturers up to ₦1 billion at 9% a year, over five years for term loans and one year for working capital. Neither the President's statement nor the Vice President said whether a new application window is open or how much of the money has already been paid out.

Business groups at the meeting asked for more. The president of the Association of Women in Textile and Garments, Hauwa Abubakar, said most of her members still struggle with training, funding and access to foreign markets, while the president of the National Association of Small Scale Industrialists, Solomon Daniel Vongfa, called for wider targeted support. Minister of State for Industry John Owan-Enoh also praised the creation of a manufacturing and MSME directorate in the APC's 2027 presidential campaign council. Reaction online was mixed, with some business owners welcoming the support and others questioning who has been able to access it.

Pidgin: Government don talk again about ₦200 billion for small business and factory people: ₦50bn grant wey you no go pay back, ₦75bn loan for small business and ₦75bn for manufacturers, through Bank of Industry. Dem never announce new application date. No pay anybody money to 'register' you for grant.

How this affects you: If you run a small business, watch for application news only on the Bank of Industry's and the federal government's official channels. Genuine applications do not require you to pay an agent or a 'processing fee', and you should never send your BVN, NIN or bank PIN to anyone through WhatsApp or social media links. Registering your business with the Corporate Affairs Commission now can make you eligible for the loan scheme when applications open.