In a bid to bolster the economic resilience of businesses nationwide, the Federal Government has commenced the disbursement of the N200 billion Presidential Conditional Grant Scheme to eligible applicants. The Bank of Industry, tasked with managing the funds, is set to allocate three categories of financial support to aid manufacturers and businesses across various sectors.
Providing an update via traditional communication channels, Minister of Industry, Trade, and Investment, Doris Anite, revealed that the disbursement process has officially commenced. While some beneficiaries have already received their grants, further disbursements are scheduled, with a significant allocation slated for distribution by Friday, April 19.
Anite emphasized the phased nature of the disbursement strategy, ensuring equitable distribution over subsequent phases. Stressing the importance of patience, she reiterated the administration’s commitment to transparency and efficiency in the allocation process.
Acknowledging initial delays related to National Identification Number (NIN) verification, Anite assured stakeholders that collaborative efforts with telecommunication providers have resolved these issues. She urged continued cooperation as the government diligently processes applications, emphasizing the significance of each contribution to national economic growth.
President Bola Tinubu initially announced the grant as part of broader efforts to fortify the manufacturing sector and foster job creation. Applicants, subsequently required to submit their NINs, demonstrate the government’s commitment to mitigating the adverse impacts of recent economic reforms on businesses across the nation.
