FG mandates NIN requirements for presidential grant scheme applicants

The Ministry of Industry, Trade, and Investment has issued a directive requiring applicants of the Presidential Conditional Grant Scheme to provide their National Identification Numbers (NIN) as part of the application process. This move comes in response to recent economic reforms and aims to assist businesses impacted by these changes.

Under the initiative, the government, in collaboration with the Bank of Industry, has allocated N200 billion to support manufacturers and businesses nationwide. The decision to incorporate NINs into the application process follows new regulations from the Central Bank of Nigeria mandating the linking of NINs with bank accounts.

Trade Minister Doris Anite announced the directive via social media, emphasizing its importance in ensuring a smooth application process. Applicants will receive instructions via SMS from ‘FGGRANTLOAN’ to submit their NINs through a secure link. Verification of applicants’ information, including matching NINs with names, is crucial for progress in the application process.

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In a statement addressing applicants, the Ministry expressed gratitude for their interest in the programme and assured diligent processing. However, this development signifies another delay in disbursing the grant, initially announced by President Bola Tinubu in August 2023. Despite the President’s commitment to bolstering the manufacturing sector and job creation, the programme’s execution has faced setbacks, raising concerns among stakeholders.

Tinubu had outlined plans to allocate N75 billion between July 2023 and March 2024, aiming to support 75 enterprises with significant potential for economic growth. Each enterprise was slated to access up to N1 billion in credit, with favorable repayment terms. However, eight months later, the programme’s progress remains limited, highlighting challenges in its implementation under the Trade Ministry’s oversight and the Bank of Industry’s execution.