The Federal Government, under the Presidential Grant and Loan Scheme, will begin to disburse funds to over 700 verified manufacturers and MSMEs nationwide in September.
The Minister of Industry, Trade, and Investment, Dr. Doris Anite, announced this during a cheque presentation to beneficiaries in Calabar, Cross River State.
Dr. Anite stated that 660,320 nano beneficiaries have already received funds from the Presidential Loans and Grant Scheme. She also revealed that loan disbursements for manufacturers and MSMEs will begin next month, following the verification of over 700,000 applications.
Governor Otu of Cross River State, while praising the initiative, remarked that the Presidential Conditional Grant has been a transformative force for the citizens of the state, revitalizing small businesses and enhancing economic prospects.
The interactive session created an opportunity for open dialogue, fostering collaboration between the federal and state governments to advance economic empowerment. With over N200 billion Naira allocated to support growth, employment, and prosperity, the initiative is set to make a significant impact.
What you should know
Earlier in April, the federal government announced the launch of the N200 billion. The scheme provides a grant of N50,000.00 per beneficiary, targeting one million nano businesses across the 774 local government areas.
- The Federal Government will work in partnership with State Governments, Honourable Ministers, NASME, Senators, and Members of the House of Representatives to select beneficiaries using specific criteria. The selection will prioritize 70% women and youth, 10% people with disabilities, and 5% senior citizens, with the remaining 15% allocated to other demographic groups.
- The initiative was in response to the removal of fuel subsidy by President Tinubu earlier in his administration which severely impacted the fortunes of businesses and manufacturers in the country.
- In December, the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, announced that the Federal Government had finalized plans to launch the N75 billion Presidential Palliative Loan Programme for MSMEs, alongside another N75 billion specifically allocated for manufacturers.
- She also revealed that the long-awaited Presidential Conditional Grant Programme would soon begin, providing a grant of N50,000 (Fifty Thousand Naira) to nano businesses across the 774 local government areas.
- The Federal Government, through the Federal Ministry of Industry, Trade, and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), will collaborate with State and Local Governments, Federal Legislators, Ministers, Banks, and other stakeholders.
- The Minister emphasized that the loans for both MSMEs and manufacturers will be offered at a single-digit interest rate of 9% per annum.
