THE Presidential Grant and Loan Scheme is expected to commence disbursement of funds to over 700 verified manufacturers and MSMEs nationwide this September.
It was gathered that the loans for both MSMEs and manufacturers will be offered at a single-digit interest rate of nine per cent per annum.
Minister of Industry, Trade and Investment, Dr. Doris Anite, announced this recently, stating that 660,320 nano beneficiaries have already received funds from the Presidential Loans and Grant Scheme. She also revealed that loan disbursements for manufacturers and MSMEs will begin next month, following the verification of over 700,000 applications.
“The Presidential Conditional Grant has been a transformative force for the citizens of the state, revitalizing small businesses and enhancing economic prospects”. Also, an interactive session has been held which created an opportunity for open dialogue, fostering collaboration between the federal and state governments to advance economic empowerment. With over N200 billion Naira allocated to support growth, employment, and prosperity, the initiative is set to make a significant impact.
The total loan is worth N200 billion. The scheme provides a grant of N50, 000.00 per beneficiary, targeting one million nano businesses across the 774 local government areas. The Federal Government will work in partnership with states, NASME, Senators and members of the House of Representatives to select beneficiaries using specific criteria. The selection will prioritize 70 per cent women and youth, 10 per cent of people with disabilities, and five per cent senior citizens, with the remaining 15 per cent allocated to other demographic groups.
The initiative was in response to the removal of fuel subsidy by President Tinubu earlier in his administration which severely impacted the fortunes of businesses and manufacturers in the country. Earlier, Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, announced that the Federal Government had finalized plans to launch the N75 billion Presidential Palliative Loan programme for MSMEs, alongside another N75 billion specifically allocated for manufacturers.
She also revealed that the long-awaited Presidential Conditional Grant Programme would soon begin, providing grants to nano businesses across the 774 local government areas.
The Federal Government, through the Federal Ministry of Industry, Trade and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will collaborate with state and local governments, federal legislators, ministers, banks and other stakeholders in a bid to make the scheme successful.
