The Ministry of Industry, Trade, and Investment has started giving out funds from the Presidential Conditional Grant Scheme to approved applicants after a thorough selection process.
The government, in partnership with the Bank of Industry, announced that it would distribute three different types of funding amounting to N200 billion to assist manufacturers and businesses nationwide.
In an update shared on the trade minister’s official social media account on Tuesday, Doris Aniete mentioned that some beneficiaries have already received their grants. She also mentioned that a significant number of verified applicants will receive their funds by Friday, April 19.
She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.”
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”
More than eight months after President Bola Tinubu announced grants for manufacturers and small businesses, applicants were directed to submit their National Identification Numbers to obtain the grant. This grant is meant to help businesses cope with the impact of recent economic reforms in the country.
In his address, the president expressed his determination to strengthen the manufacturing sector, increase its capacity for growth, and create well-paying jobs.
“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.
‘’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.
