The federal government has announced plans to commence the disbursement of N150 billion in loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July 2024. This fund will allocate N75 billion each to MSMEs and the manufacturing sector.

Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, revealed this development on her official X handle. She noted that the initiative is designed to help Nigerian businesses navigate the current economic challenges. Additionally, 60% of the proposed one million beneficiaries of the Presidential Conditional Grant Scheme have already received a financial grant of N50,000.

The Presidential Conditional Grant Scheme, introduced in December 2023 as part of the Presidential Palliatives Programme, aims to support businesses affected by economic policies. Uzoka-Anite assured that the disbursement process prioritizes accuracy and fairness, utilizing random computer-generated selection rather than a first-come, first-served basis.

Despite some delays due to data issues and duplicate applications, the minister emphasized that the government remains committed to ensuring a fair and transparent process. She thanked applicants for their patience and stressed that constructive feedback is welcome, urging citizens to avoid personal insults and hate speech.