Federal Government launches financial support programs for Nigerians

The Federal Government has introduced various financial support programs to assist Nigerians in improving their livelihoods. One such initiative is the National Emergency Relief and Stabilisation Intervention (NERSI), which provides selected beneficiaries with a ₦50,000 grant to help cope with rising living costs.

Beneficiaries are chosen based on verified national identity records and the National Social Register, and they receive an SMS from approved providers like OPay and Moniepoint to confirm participation. Another program, the Guaranteed Loans for Women (GLOW), is a ₦10 billion initiative by the Bank of Industry designed to help women-owned businesses access financing.

This program supports various sectors, allowing eligible businesses to access loans of up to ₦10 million for micro enterprises and ₦50 million for small and medium-sized businesses at an interest rate of 7% annually. Applicants must prepare necessary documentation, including business registration and identification.