FG Shifts N150bn MSMEs Loan Disbursement To September, Receives 700,000 Applications

The federal government has postponed the start of the N150 billion loan disbursement for manufacturers and micro, small, and medium enterprises (MSMEs) to September, 2024, even as about 700,000 businesses have so far applied for the scheme.

This announcement was made by the minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, during a meeting with beneficiaries of the Presidential Grant and prospective recipients of the MSME Presidential Loan in Calabar, Cross River State, on Sunday.

The meeting, which was organised at the invitation of Cross River State Governor Prince Bassey Edet Otu, served as a platform for direct interaction between the Federal Government and the beneficiaries of President Bola Ahmed Tinubu’s economic empowerment initiatives.

In her address, Dr. Uzoka-Anite revealed that 660,320 nano beneficiaries, representing over 60% of the targeted 1 million, have already received disbursements across Nigeria’s 774 local governments.
She also confirmed that the loan disbursement for manufacturers and MSMEs will begin in September, following the receipt of over 700,000 applications for the scheme.
“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,” Dr. Uzoka-Anite stated.
The minister emphasised the government’s commitment to transparency and accountability, urging community leaders and civil society organisations to actively monitor the implementation of these programs to ensure they are delivered effectively.
Governor Bassey Otu commended the federal government’s initiatives, noting their significant impact on Cross River 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,” the Governor remarked.
The Presidential Conditional Loans and Grant Scheme, a N200 billion initiative, is divided into N125 billion for MSMEs and N75 billion for manufacturers. It aims to support growth, employment, and the overall prosperity of Nigeria. With over 660,320 nano beneficiaries already receiving funds, the remaining applicants are currently undergoing verification.
The event in Calabar was attended by various state commissioners, the Chief of Staff, and was anchored by Prince Michael Nku Abuo, Special Adviser to the Governor of Cross River State on Intervention and Grants.

The session provided valuable insights into the on-ground realities of the grant implementation and set the stage for continued collaboration between federal and state governments in economic empowerment initiatives.