Again, disbursement of loans, grants to manufacturers, MSMEs shifted to Sept

The Federal Government, under the Presidential Grant and Loan Scheme, has said that it will begin disbursing funds to over 700 verified manufacturers and Micro, Small and Medium Enterprises (MSMEs) nationwide next month. The scheme, which was announced in December last year, was pushed to April 2024, then to the end of July 2024 and now, September 2024.

The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka Anite, announced this during a cheque presentation to Calabar, Cross River State beneficiaries.

She claimed that 660,320 nano beneficiaries have already received funds from the Presidential Loans and Grant Scheme, adding that loan disbursements for manufacturers and MSMEs will begin next month, following the verification of the over 700,000 applications.

Hailing the initiative, Governor Otu of Cross River State said that the Conditional Grant has been a transformative force for citizens of the state, revitalising small businesses and enhancing economic prospects. He said that with over N200 billion allocated to support growth, employment, and prosperity, the initiative is set to make a significant impact.

Earlier in April, the Federal Government announced the launch of an N200 billion scheme, which is supposed to provide grants of N50,000.00 to each beneficiary, targeting one million nano businesses across the 774 local councils. While the minister said that thousands have benefitted, with more to come, many business owners said they are yet to benefit from the scheme.

This initiative was in response to the removal of fuel subsidies by Tinubu earlier in his administration, which severely impacted the fortunes of businesses and manufacturers in the country. 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 councils, federal legislators, ministers, banks, and other stakeholders for the disbursement of the loans, which, she said, will be offered at a single-digit interest rate of nine per cent per annum.