LAGOS, Nigeria (VOICE OF NAIJA)-The Ministry of Industry, Trade, and Investment has initiated the distribution of the Presidential Conditional Grant Scheme to eligible applicants following a rigorous selection procedure.
The government, in collaboration with the Bank of Industry, announced plans to distribute three types of funding amounting to N200 billion to aid manufacturers and businesses nationwide.
In a recent update shared on X handle, Minister of Industry, Trade, and Investment, Doris Aniete, announced that a portion of verified applicants has already received their grants. Additionally, she mentioned that another substantial disbursement is scheduled for Friday, April 19.
She said, “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.
“By Friday, April 19, 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”
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This development comes over eight months following President Bola Tinubu’s initial announcement of the grant aimed at supporting manufacturers and small businesses. Additionally, it occurs two weeks after applicants were instructed to submit their National Identification Numbers (NINs) as part of the eligibility criteria, with the grant specifically designated to mitigate the impact of recent economic reforms on businesses nationwide.
During his address, the President affirmed his commitment to bolstering the manufacturing sector, enhancing its ability to grow, and fostering the creation of good paying jobs.
“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.
The program faced criticism from prospective beneficiaries due to delays and a complicated registration process.
The President of the Association of Small Business Owners, Femi Egbesola criticized the slow data collation by supervising agencies, claiming it discouraged genuine businesses from accessing the loans.
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He said, “Well, I don’t know why it has not been disbursed. Immediately after the announcement was made by the president at the national address months ago, we were all excited, thinking succour had come somehow, somewhere. We were extremely hopeful, but at the moment, we have been disenfranchised because we have waited, and there is no hope.
“We expected that even if the money has not been disbursed, communication should have been made to stakeholders, letting us know reasons why it hasn’t been disbursed, the current state and progress made, and the expected date to commence.”
Furthermore, the minister urged stakeholders to exercise patience. A phased disbursement plan has been implemented to ensure that each application receives due consideration.
She added, “The President Bola Tinubu Administration understands the importance of these grants in supporting the livelihoods and businesses of our citizens, and this is why we are committed to ensuring a smooth and transparent process. In collaboration with telecommunications providers, we have successfully resolved the initial delays in sending out shortcodes for NIN verification and application continuation.
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“We ask for your patience as we continue to process the applications with the utmost diligence and fairness. The phased disbursement plan has been designed to ensure that each application is given the consideration it deserves.
“Stay tuned for further updates, and we sincerely thank you for your patience and understanding throughout this process. Your contribution to the economic growth of our nation is invaluable, and we look forward to achieving more together,” the statement concluded.