April 16, (THEWILL) – The Federal Government through the Ministry of Industry, Trade and Investment, has commenced the disbursement of the Presidential Conditional Grant Scheme to verified applicants.
This followed a rigorous selection process to identify eligible applicants, signaling a major push to fortify the economic landscape for manufacturers and businesses across Nigeria.
In a progress report posted on official X handle of Nigeria’s Minister of Industry, Trade and Investment, Doris Aniete, said an unspecified number of beneficiaries have received their grants, adding that by Friday, April 19, another significant disbursement will be made to a substantial number of verified applicants.
“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”, she wrote.
THEWILL reports that the disbursement is coming barely two months after the agreement for the loan was sealed between the federal government and the Bank of Industry (BOI).
The Federal Government, through the Ministry of Industry, Trade and Investment, had in February signed three agreements with the BOI that would unlock over N200 billion funding for businesses in Nigeria.
The first agreement enables both parties to establish the FGN Micro, Small and Medium Enterprises Intervention Fund in the sum of N75 billion, while the second agreement is for the the N50 billion Presidential Conditional Grant Scheme (PCGS).
The scheme which is also known as the Nano Business Grant Support Section of the Presidential Palliative Program of the federal government would allow the sum of N50 billion to be deposited as Grant and with BOI from time to time.
Under the first agreement which is the N75 billion MSMEs fund, the amount would be used to finance approved projects to support micro, small and medium-scale enterprises and serve as a cushion against the high cost of production, marketing and distribution of products arising mainly from infrastructure deficiencies and other ancillary factors involving MSMEs in Nigeria.
The operation and management of the Fund would be the responsibility of BOI in accordance with the terms and conditions of the agreement.
Under the second agreement which is the N50 billion Presidential Conditional Grant Scheme (PCGS), the amount would help to cushion the negative impact of the removal of fuel subsidy by the FGN, and the resulting increase in the pump prices of petroleum products in Nigeria on businesses.
The third agreement would enable both parties to set up the N75 billion FGN Manufacturing Sector Fund, to be deposited by FMITI with BOI from time to time for the purpose of financing projects and activities falling within the parameters of the Fund.
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