Punch Newspapers punchng.com 06 Aug, 2022 04:15 am

FG disburses N1.24tn to 4.21m enterprises – Report

FG disburses N1.24tn to 4.21m enterprises – Report
The Federal Government has disbursed N1.24tn to 4.21 million enterprises through the Bank of Industry in six years, the latest report on disbursements by the bank showed.

This, he said, was because many businesses in Nigeria, for instance, manufacturers, had continued to grapple with the problems of high cost of logistics, access to foreign exchange, access to raw materials and the impact of excise duty on alcoholic or non-alcoholic beverages “This is impacting demand for their products.” Output has declined significantly in many industries because of the challenges of accessing raw materials due to the scarcity of foreign exchange.The capacity to retain employment and the capacity to create new jobs have been greatly endangered because of the foreign exchange crisis.On the North East Rehabilitation Fund, the report stated that “to date N569.

68bn has been disbursed to 881,748 beneficiaries under the scheme,” the report stated.The report further stated the bank developed partnerships with state governments, foundations and high net worth Individuals which had led to what it described as “Matching Fund” schemes.

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