The Ministry of Industry, Trade, and Investment has initiated the distribution of funds from the Presidential Conditional Grant Scheme to verified applicants following a thorough selection process. The government, in collaboration with the Bank of Industry, announced the disbursement of three categories of funding totaling N200 billion to support manufacturers and businesses nationwide.
According to a progress report shared by Doris Aniete, posted on the trade minister’s official X (formerly Twitter) handle, a number of beneficiaries have already received their grants. Additionally, a significant disbursement is scheduled for Friday, April 19, with ongoing disbursements planned for verified applicants in subsequent phases.
This development comes over eight months after President Bola Tinubu announced the grant to support manufacturers and small businesses, and two weeks after applicants were instructed to submit their National Identification Numbers as part of the application process. The grant aims to alleviate the impact of recent economic reforms on businesses in the country.
President Tinubu emphasized his commitment to bolstering the manufacturing sector, increasing its capacity for growth, and generating employment opportunities. The plan involves allocating N75 billion between July 2023 and March 2024 to fund 75 enterprises, each eligible for up to N1 billion credit at 9% interest per annum for long-term loans and 12 months for working capital.
Despite facing delays and a complex registration process, the program has faced criticism from prospective beneficiaries. Femi Egbesola, President of the Association of Small Business Owners, expressed concern over the slow pace of data collation by supervising agencies, alleging that genuine businesses were facing unnecessary hurdles in accessing the loans.
