Nigeria to Disburse N150 Billion Loans to MSMEs and Manufacturers by End of July

The Nigerian Federal Government has announced that it will start disbursing N150 billion in loans to micro, small, and medium enterprises (MSMEs) and manufacturers by the end of July 2024, aiming to provide much-needed support to businesses across the country.

Minister of Industry, Trade, and Investment Doris Uzoka-Anite shared this update through her official X handle on Thursday.

In her statement, Uzoka-Anite reassured applicants waiting for their grants under the Presidential Conditional Grant Scheme. She said, “To all applicants of the Presidential Conditional Grant Scheme who are yet to be paid, thank you for your continued patience. The disbursement process is still ongoing, and we have allocated about 60 percent of the 1 million grants.”

She also provided a helpful resource for beneficiaries, saying, “You can track the number of beneficiaries per LGA paid so far on grant.fedgrantandloan.gov.ng/learn-more/dis.”

The Presidential Conditional Grant Scheme was launched in December 2023 as a part of the Presidential Palliatives Programme. This initiative aims to help businesses weather the economic difficulties brought about by recent government policies, allocating N75 billion each to MSMEs and the manufacturing sector.

Uzoka-Anite offered further good news, stating, “We are also at the final stages of vetting for the MSME and Manufacturing loans. Applications remain open, and disbursement will begin by July ending.”

OduNews reports that after the Federal Executive Council meeting on Thursday, President Tinubu approved a N50,000 uplift grant for 3.6 million families in Nigeria.

Uzoka-Anite also mentioned that 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant had already received a financial grant of N50,000 without repayment obligations in the 774 local government areas of the country.