The Federal Government has announced that the disbursement of a N150 billion loan for manufacturers and Micro, Small, and Medium Enterprises (MSMEs) will begin in September. This was confirmed by the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, during a meeting held on Sunday with beneficiaries of the Presidential Grant and prospective recipients of the MSME Presidential Loan in Calabar, Cross Rivers State.
Dr. Uzoka-Anite revealed that the government has received over 700,000 applications for the loan program, and the verification process is currently underway. She stressed the government’s commitment to ensuring transparency and accountability in managing these financial initiatives, which are designed to boost economic growth and support small businesses across the country.
The Minister also provided an update on the progress of the Presidential Loans and Grant Scheme, noting that 660,320 nano beneficiaries—representing more than 60% of the targeted 1 million recipients—have already received their disbursements across Nigeria’s 774 local government areas. This demonstrates the government’s efforts to reach a broad base of small businesses and entrepreneurs in all regions of the country.
“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,” she said.
Governor Bassey Otu of Cross River State commended the Federal Government’s initiatives, highlighting their positive impact on the state.
“The Presidential Conditional Grant has been a lifeline for many of our citizens. We’ve seen small businesses flourish and individuals regain their economic footing. This program is truly transforming lives in Cross River State,” he stated.
The Presidential Conditional Loans and Grant Scheme is a N200 billion initiative divided into N125 billion for MSMEs and N75 billion for manufacturers, with funds allocated to support growth, employment, and the overall prosperity of Nigeria. Over 660,320 nano beneficiaries have already received disbursements, with the remaining applicants undergoing verification.
