In a significant development aimed at bolstering Nigeria’s economy, the Federal Government, under the leadership of President Bola Tinubu, has initiated the disbursement of N200 billion in loans to support businesses and manufacturers nationwide.
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The announcement was made by the Minister of Industry, Trade, and Investment, Doris Aniete, who took to Twitter on Tuesday, April 16, to reveal the commencement of the disbursement process. Aniete stated that the loans, distributed under the Presidential Conditional Grant Scheme, are being provided to verified applicants following a rigorous selection process.
Managed through the Bank of Industry (BOI), the government has earmarked three categories of funding totaling N200 billion to bolster manufacturing and business operations across the country. Aniete confirmed that an unspecified number of beneficiaries have already received their grants, marking the initial phase of the disbursement strategy.
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Furthermore, Aniete assured that by Friday, April 19, a significant disbursement would be made to a substantial number of verified applicants. She emphasized that while disbursements are ongoing, not all applicants will receive their grants immediately. However, she assured that all verified applicants will eventually receive their grants in subsequent phases of the process.
This initiative comes after over eight months since President Tinubu initially announced the grant for manufacturers and small businesses. The grant aims to alleviate the impact of recent economic reforms on businesses in Nigeria. President Tinubu expressed determination to strengthen the manufacturing sector, increase its capacity for expansion, and generate employment opportunities.
President Tinubu outlined the allocation of N75 billion between July 2023 and March 2024, with the objective of funding 75 enterprises poised for sustainable economic growth. Each eligible manufacturing enterprise will have access to a credit facility of N1 billion at an interest rate of 9% per annum, with repayment periods of up to 60 months for long-term loans and 12 months for working capital.
This initiative underscores the government’s commitment to supporting entrepreneurship, fostering economic resilience, and stimulating growth across various sectors of the economy.
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