The Federal Government, under the Presidential Grant and Loan Scheme, will begin to disburse funds to over 700 verified manufacturers and MSMEs nationwide in September.
The Minister of Industry, Trade, and Investment, Dr. Doris Anite, announced this during a cheque presentation to beneficiaries in Calabar, Cross River State.
Dr. Anite stated 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.
Governor Otu of Cross River State, while praising the initiative, remarked that the Presidential Conditional Grant has been a transformative force for the citizens of the state, revitalizing small businesses and enhancing economic prospects.
The interactive session 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.
Earlier in April, the federal government announced the launch of the N200 billion. The scheme provides a grant of N50,000.00 per beneficiary, targeting one million nano businesses across the 774 local government areas.
