The Nigerian government is gearing up to begin the disbursement of a ₦150 billion presidential palliative program aimed at supporting manufacturers and Micro, Small, and Medium Enterprises (MSMEs).....CONTINUE READING THE ARTICLE FROM THE SOURCE
The Minister of Industry, Trade, and Investment, Doris Aniete, revealed this over the weekend in a statement released by her spokesperson, Terfa Gyado. Aniete disclosed that over 700,000 applicants have already registered for the scheme.
“Disbursement is yet to start, but the first batch is being finalized. So far, about 700,000 applicants have applied,” the Minister stated. Aniete outlined that for manufacturers seeking loans up to ₦1 billion, applicants must decide between working capital or asset financing. Additionally, they must have maintained a minimum six-month business or corporate banking relationship and submit further documentation as required by the bank.
In December 2023, the Federal Government introduced the Presidential Conditional Grant Scheme under the broader Presidential Palliatives Programme to alleviate the economic challenges facing the country. The scheme allocates ₦75 billion to MSMEs and another ₦75 billion to the manufacturing sector.
The Minister had previously announced plans to commence disbursement in July 2024, marking a significant step towards providing relief to businesses impacted by economic hardships.
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