The Federal Government is set to disburse funds to over 700 manufacturers and Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, as part of the Presidential Grant and Loan Scheme.
Dr. Doris Anite, Minister of Industry, Trade, and Investment, announced this initiative during a cheque presentation ceremony in Calabar, Cross River State.
Dr. Anite revealed that the scheme has already disbursed funds to 660,320 nano beneficiaries. She noted that the next phase of the grant will begin next month, with loan disbursements to manufacturers and MSMEs starting after the verification of more than 700,000 applications.
Governor Bassey Otu of Cross River State praised the Presidential Conditional Grant, describing it as a transformative initiative for the state. “The grant has revitalized small businesses and boosted economic prospects for our citizens,” Governor Otu stated.
The event also served as a platform for fostering dialogue between federal and state governments, aimed at enhancing economic empowerment. With over N200 billion allocated to support business growth, employment, and prosperity, the scheme is expected to significantly impact the national economy.
This move underscores the Federal Government’s commitment to driving economic development through targeted financial support to businesses and entrepreneurs across the country.