The Nigerian Federal Government has announced the upcoming disbursement of N150 billion in loans aimed at bolstering micro, small, and medium enterprises (MSMEs) as well as the manufacturing sector. According to Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, the loan disbursement is scheduled to commence by the end of July 2024.
In a statement shared via her official X handle on Thursday, Uzoka-Anite revealed that 60 percent of the one million beneficiaries of the Presidential Conditional Grant had already received financial grants of N50,000 each, with no repayment obligations, across Nigeria’s 774 local government areas.
She expressed gratitude to the remaining applicants for their patience, emphasizing that the disbursement process is still active. “To all applicants of the Presidential Conditional Grant Scheme who are yet to be paid, thank you for your continued patience. The disbursement process is still ongoing, and we have allocated about 60 percent of the 1 million grants,” Uzoka-Anite stated.
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Beneficiaries can track the progress of disbursements by visiting grant.fedgrantandloan.gov.ng/learn-more/dis. Uzoka-Anite also mentioned that the government is in the final stages of vetting applications for the MSME and manufacturing loans, with applications still being accepted until the end of July.
This initiative is part of the Presidential Palliatives Programme, launched in December 2023, which aims to support businesses in overcoming economic challenges posed by recent government policies. The fund dedicates N75 billion each to MSMEs and the manufacturing sector to aid Nigerian businesses in navigating the current economic landscape.
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