The Ministry of Industry, Trade and Investment has started the disbursement of the Presidential Conditional Grant Scheme to verified applicants after a thorough selection process.
The government plans to provide N200bn to support manufacturers and businesses nationwide. The disbursement process has begun, and some beneficiaries have received their grants, while a significant disbursement will be made to more verified applicants by April 19.
The disbursements are ongoing, and all verified applicants will eventually receive their grants in subsequent phases.
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Nigeria’s President has announced a N75bn grant to support 75 manufacturing enterprises, to strengthen the sector and create jobs.
Each enterprise can access up to N1bn credit at 9% per annum, with repayment periods of 60 months for long-term loans and 12 months for working capital.
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The programme has faced delays and criticisms from small business owners, who allege that the registration process is discouraging genuine businesses from accessing the loans.
More details soon.
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