The Federal Government has announced a delay in the disbursement of the N150 billion loan intended for manufacturers and micro, small, and medium enterprises (MSMEs).
Originally scheduled to begin earlier, the disbursement will now commence in September 2024.
This update was provided by Honourable Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, during a recent meeting with beneficiaries of the Presidential Grant and prospective recipients of the MSME Presidential Loan in Calabar, Cross River State.
The gathering, organised at the invitation of Cross River State Governor, Prince Bassey Edet Otu, served as a crucial platform for direct interaction between the federal government and those benefiting from President Bola Ahmed Tinubu’s economic empowerment initiatives.
In her address, Dr. Uzoka-Anite highlighted the progress made so far, revealing that 660,320 nano beneficiaries—representing more than 60 percent of the targeted 1 million—have already received their disbursements across Nigeria’s 774 local governments. She assured that the loan disbursement for manufacturers and MSMEs would begin in September, noting that the government had received over 700,000 applications for the scheme.
“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,” Dr. Uzoka-Anite stated.
Dr. Uzoka-Anite also highlighted the government’s dedication to transparency and accountability, urging community leaders and civil society organisations to actively monitor the implementation of these programs to ensure that they are effectively delivered.
Governor Bassey Otu expressed his gratitude for the federal government’s initiatives, particularly highlighting their positive impact on Cross River State. “The Presidential Conditional Grant has been a lifeline for many of our citizens. We have seen small businesses flourish and individuals regain their economic footing. This program is truly transforming lives in Cross River State,” the Governor remarked.
The Presidential Conditional Loans and Grant Scheme, a N200 billion initiative, is strategically divided into N125 billion for MSMEs and N75 billion for manufacturers, with the overarching goal of fostering growth, creating employment opportunities, and boosting Nigeria’s economic prosperity. With over 660,320 nano beneficiaries already receiving funds, the remaining applicants are currently undergoing verification, ensuring that the disbursements reach those who need it most.
The event in Calabar was well-attended, with various state commissioners, the Chief of Staff, and other key stakeholders present. The session, anchored by Prince Michael Nku Abuo, Special Adviser to the Governor of Cross River State on Intervention and Grants, provided valuable insights into the real-world impact of the grant implementation and set the stage for continued collaboration between federal and state governments in economic empowerment initiatives.
This delay, while disappointing to some, reflects the government’s careful approach to ensuring that these funds are distributed transparently and reach the intended beneficiaries, ultimately contributing to the broader goal of economic recovery and growth across Nigeria.
