By Milcah Tanimu

The Ministry of Industry, Trade, and Investment has initiated the disbursement of the Presidential Conditional Grant Scheme to verified applicants following a rigorous selection process.

Through the Bank of Industry, the government had announced plans to disburse three categories of funding totaling ₦200 billion to support manufacturers and businesses nationwide.

In a progress update shared on the trade minister’s official X (formerly Twitter) handle, Doris Aniete announced that some beneficiaries have already received their grants, marking the commencement of the phased disbursement strategy. An additional significant disbursement is scheduled for Friday, April 19, targeting a substantial number of verified applicants.

Aniete clarified that while disbursements are ongoing, not all applicants will receive their grants immediately on the initial date. However, all verified applicants will eventually receive their grants in subsequent phases.

This development follows President Bola Tinubu’s announcement of the grant for manufacturers and small businesses more than eight months ago, aimed at cushioning the impact of recent economic reforms on businesses in the country. The president had expressed determination to strengthen the manufacturing sector, increase its capacity for expansion, and create employment opportunities.

The program, however, faced delays and criticisms due to its complex registration process. Femi Egbesola, the President of the Association of Small Business Owners, raised concerns about the slow pace of data collation by supervising agencies, suggesting that genuine businesses were being discouraged from accessing the loans.