The Federal Government has commenced the disbursement of N200 billion in palliative loans to support manufacturers and small businesses across the nation.
The Ministry of Industry, Trade, and Investment, through the Bank of Industry, has initiated the Presidential Conditional Grant Scheme, marking the beginning of a phased disbursement strategy.
The disbursement process follows an exhaustive selection process, ensuring that verified applicants receive the much-needed financial support. According to Doris Aniete, the progress report shared on the trade minister’s official platform, a portion of beneficiaries has already received their grants. Another substantial disbursement is scheduled for Friday, April 19, 2024, benefiting a significant number of verified applicants.
President Bola Tinubu had announced the grant more than eight months ago as part of the government’s efforts to cushion the impact of recent economic reforms on businesses.
Under the scheme, the government plans to allocate N75 billion between July 2023 and March 2024. This fund will support 75 enterprises with great potential, providing access to N1 billion credit at 9% per annum.
The repayment terms include a maximum of 60 months for long-term loans and 12 months for working capital, facilitating sustainable economic growth and productivity enhancement.
