The Ministry of Industry, Trade, and Investment has initiated the distribution of funds under the Presidential Conditional Grant Scheme following a rigorous selection process.

This scheme, totaling N200 billion and administered through the Bank of Industry, aims to bolster manufacturers and businesses nationwide.

Minister Doris Aniete announced via social media that an unspecified number of applicants have already received their grants, marking the beginning of a phased disbursement approach.

By April 19, another significant round of disbursements is scheduled for a substantial number of verified beneficiaries.

The initiative, announced over eight months ago by President Bola Tinubu, aims to support the manufacturing sector and small businesses impacted by recent economic reforms.

The president pledged N75 billion to fund 75 enterprises, providing each with up to N1 billion credit at a 9% annual interest rate.

However, the program has faced criticism due to delays and a complex registration process.

Femi Egbesola, President of the Association of Small Business Owners, expressed frustration over slow data collation and lack of communication regarding the disbursement timeline.

In response, Minister Aniete emphasized a phased disbursement plan to ensure fair consideration for all applications.

She acknowledged the importance of the grants in supporting livelihoods and businesses, highlighting efforts to resolve initial delays in NIN verification and application processes.

Stakeholders are urged to exercise patience as applications are diligently processed. The government reassures transparency and fairness throughout the disbursement process and expresses gratitude for citizens’ contributions to national economic growth.

Further updates will be provided, underscoring the government’s commitment to achieving economic prosperity collaboratively.