After a stringent screening procedure, the Ministry of Industry, Trade, and Investment has started to distribute the Presidential Conditional Grant Scheme to verified candidates.
Three funding categories totaling N200 billion will be disbursed by the government through the Bank of Industry to support manufacturers and enterprises around the nation.
An unspecified number of beneficiaries have received their grants, according to a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday. Doris Aniete also stated that by Friday, April 19, a significant disbursement will be made to a substantial number of verified applicants.
“We are happy to notify you that the Presidential Conditional Grant Programme disbursement process has officially begun,” the spokesperson stated. Some beneficiaries have already their grants, marking the beginning of our phased disbursement strategy.”
A sizable payout will be given to a sizable percentage of confirmed applicants by Friday, April 19, 2024. It is crucial to realise that not every applicant will receive their grant on this first day; instead, payments are ongoing. But don’t worry—all confirmed applicants will eventually get their scholarships in later stages.
This comes two weeks after applicants were instructed to submit their National Identity Numbers as a requirement to obtain the grant intended to mitigate the impact that recent economic reforms have had on businesses in the nation. President Bola Tinubu announced the grant for manufacturers and small businesses more than eight months ago.
During his speech, the president declared his intention to fortify the manufacturing industry, boost its potential for growth, and generate well-paying jobs.
“We plan to invest N75 billion from July 2023 to March 2024.” Our goal is to provide funding to 75 businesses that have a lot of potential to boost productivity, accelerate structural change, and spark sustainable economic growth.
According to Tinubu, “each of the 75 manufacturing firms will have access to N1 billion in credit at a rate of 9% annually, with a maximum repayment period of 60 months for long-term loans and 12 months for working capital.”
The scheme had drawn criticism from potential recipients on various occasions due to its complicated registration process and numerous delays.
Femi Egbesola, the president of the Association of Small Business Owners, has complained about the oversight agencies’ sluggish data collection process, claiming that legitimate businesses were being purposefully dissuaded from applying for loans.
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