The Ministry of Industry, Trade and Investment has initiated the disbursement of the Presidential Conditional Grant Scheme to verified applicants following an extensive selection process. Through the Bank of Industry, the government has committed to distributing three categories of funding amounting to N200 billion to bolster support for manufacturers and businesses nationwide.
In a recent update shared on social media platform X, Minister Doris Aniete disclosed that an undisclosed number of beneficiaries have already received their grants, with another significant disbursement slated for Friday, April 19, 2024. Aniete emphasized the phased approach to disbursement, ensuring that all verified applicants will eventually receive their grants in subsequent phases.
The commencement of the disbursement comes over eight months after President Bola Tinubu announced the grant aimed at assisting manufacturers and small businesses. Tinubu reiterated his commitment to strengthening the manufacturing sector and creating job opportunities during his address.
Despite encountering multiple delays and complexities in the registration process, the program has faced criticism from prospective beneficiaries. Femi Egbesola, President of the Association of Small Business Owners, expressed concern over the slow pace of data collation and urged for transparent communication regarding the status of disbursements.
Minister Aniete assured stakeholders of a phased disbursement plan designed to ensure fair consideration for each application. She underscored the government’s dedication to supporting citizens and thanked them for their patience throughout the process, promising further updates as the program progresses.