The Ministry of Industry, Trade and Investment has begun disbursing funds from the Presidential Conditional Grant Scheme to verified applicants following a thorough selection process.
The government, through the Bank of Industry, will disburse N200 billion across three funding categories to support manufacturers and businesses nationwide.
In an update posted on the trade minister’s official X (formerly Twitter) account on Tuesday, Doris Aniete announced that some beneficiaries have already received their grants. She added that by Friday, April 19, another significant disbursement would be made to a large number of verified applicants.
“We are pleased to announce that the disbursement process for the Presidential Conditional Grant Programme has officially started. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy,” Aniete stated.
“By Friday, April 19, 2024, a substantial disbursement will be made to many verified applicants. It’s important to note that disbursements are ongoing, and not all applicants will receive their grants immediately. However, all verified applicants will eventually receive their grants in subsequent phases,” she added.
This development comes over eight months after President Bola Tinubu announced the grant for manufacturers and small businesses. Recently, applicants were instructed to submit their National Identification Numbers as part of the requirements for obtaining the grant.
The president expressed his commitment to strengthening the manufacturing sector, expanding its capacity, and creating good-paying jobs.
“We will spend N75 billion between July 2023 and March 2024 to fund 75 enterprises with high potential for sustainable economic growth, structural transformation, and productivity improvement,” Tinubu stated.
“Each of the 75 manufacturing enterprises will have access to N1 billion credit at 9% per annum, with a maximum of 60 months for long-term loans and 12 months for working capital,” he added.
The programme has faced multiple delays and a complex registration process, drawing criticism from prospective beneficiaries.
The President of the Association of Small Business Owners, Femi Egbesola, criticized the slow pace of data collection by the supervising agencies, accusing them of discouraging genuine businesses from accessing the loans.
More details to follow.
