In a bid to strengthen the manufacturing sector, increase its capacity to expand, and create good-paying jobs, the Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process.
As reported, the government, through the Bank of Industry, had said it would be disbursing three categories of funding totaling N200bn to support manufacturers and businesses across the country.
In a progress report posted on handle on Tuesday, the Minister of Industry, Trade and Investment, Doris 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. She said.
“We are going to spend N75bn 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 N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.
Meanwhile, the President of the Association of Small Business Owners, Femi Egbesola, had decried the slow pace of data collation by the supervising agencies, alleging that genuine businesses were being deliberately discouraged from accessing the loans.
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