The Federal Government of Nigeria has shifted the start of the N150 billion loan disbursement for manufacturers and micro, small, and medium enterprises until September.
The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, confirmed this during a meeting with beneficiaries of the Presidential Grant and prospective beneficiaries of the MSMEs Presidential Loan in Calabar, Cross Rivers State, on Sunday.
According to a statement issued by the trade ministry, the event, hosted at the invitation of Cross River State Governor Prince Bassey Edet Otu, offered a platform for direct interaction between the Federal Government and recipients of President Bola Ahmed Tinubu’s economic empowerment initiatives.
In her address, the Minister disclosed that 660,320 nano beneficiaries, representing over 60 per cent of the targeted 1 million have received disbursements across Nigeria’s 774 local governments.
She also announced that loan disbursements for manufacturers and MSMEs will commence next month (September).
She said, “The Presidential Loans and Grant Scheme is not just about providing financial support; it is about restoring hope, rebuilding lives, and reaffirming our commitment to the social contract we hold with our people. The impact of this initiative is already being felt, and we are committed to ensuring it reaches every corner of this great nation.”
“On the progress of the Presidential Loans and Grant Scheme, 660,320 nano beneficiaries, representing over 60 per cent of the targeted 1 million, have received disbursements across Nigeria’s 774 local governments.
Also, loan disbursements for manufacturers and MSMEs are set to commence by next month, following the verification of over 700,000 applications received.”
The Minister emphasized the government’s commitment to transparency and accountability in the administration of these programs, urging community leaders and civil society organizations to actively participate in monitoring the implementation of these palliative measures.
Following the Minister’s address, Governor Bassey Otu commended the Federal Government’s initiatives, highlighting their positive impact on Cross River State.
“The Presidential Conditional Grant has been a lifeline for many of our citizens.
“We’ve seen small businesses flourish and individuals regain their economic footing. This program is truly transforming lives in Cross River State,” the Governor stated.
The Presidential Conditional Loans and Grant Scheme is a N200 billion initiative divided into N125 billion for MSMEs and N75 billion for manufacturers, with funds allocated to support growth, employment, and the overall prosperity of Nigeria.
Over 660,320 nano beneficiaries have already received disbursements, with the remaining applicants undergoing verification.
The statement added that the event was attended by various state commissioners and the Chief of Staff and anchored by Prince Michael Nku Abuo, Special Adviser to the Governor of Cross River State on Intervention and Grants.
“The interactive session provided valuable insights into the on-ground realities of the grant implementation and set the stage for continued collaboration between federal and state governments in economic empowerment initiatives, it read.
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