The Ministry of Industry, Trade, and Investment has commenced the distribution of a N200 billion relief loan through the Presidential Conditional Grant Scheme, marking a significant effort to bolster the economic landscape for manufacturers and businesses nationwide.
Following a thorough selection process to identify eligible candidates, Trade Minister Doris Aniete announced the commencement of fund disbursement on her official X handle (formerly Twitter), with some beneficiaries already receiving their allocations. Additional substantial payouts are scheduled for Friday, April 19, as part of the program’s phased rollout strategy.
This initiative signifies a crucial stride toward realizing President Bola Tinubu’s commitment to rejuvenating the manufacturing sector and fostering job creation.
Launched over eight months ago, the scheme aims to allocate N75 billion to 75 manufacturing enterprises by March 2024, providing each entity with up to N1 billion in credit at a favorable 9% annual interest rate, with repayment terms extending up to 60 months for long-term loans and 12 months for working capital.
Despite encountering challenges such as a convoluted registration process and delays that have elicited criticism from potential beneficiaries, including Femi Egbesola, President of the Association of Small Business Owners, who voiced concerns about sluggish data collation by supervising agencies, the government remains committed to supporting businesses affected by recent economic reforms. Officials assure that all verified applicants will eventually benefit from the scheme in subsequent phases.
As the disbursement progresses, stakeholders remain optimistic for a smoother implementation that will catalyze sustainable economic growth and structural transformation across critical sectors.
