The Ministry of Industry, Trade and Investment has announced the commencement of the disbursement of the Presidential Conditional Grant Scheme to verified applicants following a rigorous selection process.
This scheme, aimed at supporting manufacturers and businesses nationwide, involves the disbursal of three categories of funding totaling N200 billion.
According to a report shared by the Minister of Industry, Trade and Investment, Doris Aniete, on her X handle, an unspecified number of beneficiaries have already received their grants.
An additional significant disbursement is scheduled for Friday, April 19, 2024, benefiting a substantial number of verified applicants.
The initiative, introduced more than eight months ago by President Bola Tinubu, aims to bolster the manufacturing sector, enhance its capacity for expansion, and generate employment opportunities.
President Tinubu had announced a budget of N75 billion to be spent between July 2023 and March 2024, with the objective of funding 75 enterprises.
However, the programme has faced criticism due to multiple delays and a complex registration process. Femi Egbesola, the President of the Association of Small Business Owners, expressed dissatisfaction with the slow pace of data collation by supervising agencies, alleging that genuine businesses were being discouraged from accessing the loans.
In response to concerns raised, Minister Doris Aniete assured stakeholders of a phased disbursement plan designed to ensure fair consideration for each application.
She emphasized the government’s commitment to transparency and urged patience as they continue to process applications diligently.
The government, in collaboration with telecommunications providers, has resolved initial delays in the verification process, including the submission of National Identification Numbers (NIN) as part of the application requirements.
Stakeholders are encouraged to stay tuned for further updates, with gratitude expressed for their patience and contribution to the nation’s economic growth.
