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Akinwande Soji-Ojo
The Ministry of Industry, Trade and Investment has revealed that it has begun the disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process.
Recall that the federal government, through the Bank of Industry (BoI), had said it would be disbursing three categories of funding totalling N200 billion to support manufacturers and businesses across the country.
Giving an update in a statement posted on her X account on Tuesday, Minister of Industry, Trade and Investment, Dr Doris Uzoka-Aniete, stated that an unspecified number of beneficiaries had received their grants, adding that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants.
“We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.
“By Friday, April 19, 2024, a significant disbursement will be made to a substantial number of verified applicants.
“It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases,” she said.
The development comes almost nine months after President Bola Tinubu announced the grant for manufacturers and small businesses as well as two weeks after applicants were directed to submit their National Identification Numbers (NIN) as part of the requirements to obtain the grant earmarked to cushion the effect of the recent economic reforms have had on businesses in the country.
In the address, Tinubu had said he was determined to strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs.
“We are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.
‘’Each of the 75 manufacturing enterprises will be able to access N1 billion credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” the president had said.