The Federal Government is preparing to distribute N150 billion in soft loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July.
Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, announced this on her official X account.
Uzoka-Anite revealed that 60 percent of the intended one million beneficiaries of the Presidential Conditional Grant had already received a financial grant of N50,000 each, with no repayment required, across the 774 local government areas in the country. She stated, “To all applicants of the Presidential Conditional Grant Scheme who have 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.
“We are also in the final stages of vetting for the MSME and Manufacturing loans. Applications remain open, and disbursement will begin by the end of July.”
In December 2023, the Federal Government launched the Presidential Palliative Loan Programme and the Presidential Conditional Grant Programme as part of efforts to help businesses cope with the economic challenges caused by the removal of fuel subsidies and the floating of the foreign exchange market, which has led to the depreciation of the naira. Both programs require beneficiaries to meet specific conditions for approval and fund drawdown.
Under the loan scheme, manufacturers can access up to N1 billion at a single-digit interest rate of nine percent per annum, with a repayment period of one to five years for working capital or the purchase of machinery and equipment.
The fund dedicates N75 billion to MSMEs and another N75 billion to the manufacturing sector, aiming to assist Nigerian businesses in navigating the tough economic environment.
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