The Ministry of Industry, Trade and Investment has announced the commencement of the disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process.
The government, through the Bank of Industry, is set to disburse three categories of funding totaling N200bn to support manufacturers and businesses across the country.
Doris Aniete, in a progress report posted on the trade minister’s official X (formerly Twitter) handle on Tuesday, stated, “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.”
She also mentioned that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants. Aniete emphasized that the disbursements are ongoing and assured that all verified applicants will eventually receive their grants in subsequent phases.
Recall that President Bola Tinubu had announced the grant for manufacturers and small businesses more than eight months ago, with the objective of strengthening the manufacturing sector, increasing its capacity to expand, and creating good-paying jobs. He stated, “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.”
The programme, however, faced delays and criticisms from prospective beneficiaries. Femi Egbesola, the President of the Association of Small Business Owners, decried the slow pace of data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans.
