The federal government announced on Thursday that it will begin disbursing N150 billion in loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July 2024.
The allocation of the fund will see N75 billion dedicated to MSMEs and another N75 billion to the manufacturing sector. Additionally, 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant have already received a non-repayable grant of N50,000 across the 774 local government areas.
Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, shared this information via her official X handle on Thursday.
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme as part of the Presidential Palliatives Programme, aimed at helping businesses manage the economic challenges brought on by government policies.
The minister highlighted that the government is aware of the current business climate and created the fund to support Nigerian businesses through these difficult economic conditions.
“It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated. This means not all applicants will receive the grant. The selection is not based on who applied first; everyone has an equal chance through a random computer-generated selection,” she explained.
She also mentioned, “While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time. The teams in my office and BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are already being shared, showcasing how the grant has positively impacted lives, and we will share many more.”
“We have prioritized accuracy over speed to ensure every Nigerian who applied has a fair shot. We had hoped to complete all 1 million disbursements by now, but the process has been delayed due to incorrect or missing data, and duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation,” she added.
Finally, the minister urged citizens to provide constructive feedback and hold the government accountable without resorting to abuse or bigotry. “Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria. Thank you once again,” she concluded.
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