The Ministry of Industry, Trade, and Investment has initiated the distribution of the Presidential Conditional Grant Scheme to verified applicants following a thorough selection process.
Through the Bank of Industry, the government had announced the allocation of three categories of funding amounting to N200bn to aid manufacturers and businesses nationwide.
Doris Aniete, in a recent progress update shared on the trade minister’s official X handle, mentioned that an unspecified number of beneficiaries have already received their grants.
Additionally, she stated that another significant disbursement to a substantial number of verified applicants is scheduled for Friday, April 19.
Aniete emphasized, “The disbursement process for the Presidential Conditional Grant Programme has officially begun.
Some beneficiaries have already received their grants, marking the start of our phased disbursement approach.”
She also reiterated that while significant disbursements are underway, not all applicants will receive grants immediately, but assured that verified applicants will eventually receive grants in subsequent phases.
This development comes more than eight months after President Bola Tinubu announced the grant for manufacturers and small businesses.
Applicants were recently required to submit their National Identification Numbers as part of the application process, aimed at mitigating the impact of recent economic reforms on businesses.
In his address, President Tinubu expressed his commitment to strengthening the manufacturing sector, enhancing its capacity for expansion, and generating quality employment opportunities.
He outlined plans to allocate N75bn between July 2023 and March 2024, aiming to support 75 enterprises with significant potential for sustainable economic growth.
However, the program, marred by numerous delays and a complex registration process, has faced criticism from prospective beneficiaries.
Femi Egbesola, President of the Association of Small Business Owners, lamented the slow pace of data collation by supervising agencies, alleging deliberate discouragement of genuine businesses from accessing the loans.
