In good news for Nigerian businesses, the government has finally started disbursing funds from the N200 billion Presidential Conditional Grant Scheme. This scheme aims to support manufacturers and small businesses across the country, offering much-needed relief after recent economic reforms.

What is the Presidential Conditional Grant Scheme?
This government program offers financial assistance to qualified businesses. The total funding is N200 billion, divided into three categories:
Grant for Large Manufacturers: This provides N75 billion to support 75 high-potential manufacturing enterprises. The goal is to stimulate economic growth, modernization, and increased productivity.
Loan for Small and Medium Businesses (SMBs): This segment offers N75 billion in loans to qualified SMBs. These loans come with a favorable interest rate of 9% per year and flexible repayment terms.
Grant for Artisans and Micro Businesses: The remaining N50 billion is allocated as grants for artisans and micro businesses. This aims to empower smaller players in the economy.
Who is Eligible?
The government hasn’t released specific details about eligibility criteria yet. However, the program likely targets businesses impacted by recent economic reforms. It’s also expected to prioritize enterprises with strong growth potential.
How is the Disbursement Happening?
The Ministry of Industry, Trade and Investment is overseeing the process. They’ve already begun disbursing funds to a select group of verified applicants. More significant disbursements are planned for Friday, April 19th, 2024.
What if I Haven’t Received My Grant/Loan Yet?
The disbursement is happening in phases. Even if you haven’t received your grant or loan yet, don’t worry. As long as your application was verified, you’ll be considered in subsequent phases. The government assures all verified applicants will eventually receive their funding.
What were the Delays?
The program faced criticism due to multiple delays. Some applicants complained about the lengthy registration process and slow data collection by supervising agencies. This might have contributed to the initial delays, but the disbursement has finally begun.
What Does this Mean for Businesses?
This initiative provides a much-needed financial boost for businesses struggling with recent economic changes. The grants and loans can help businesses maintain operations, invest in growth, and create jobs.
Stay Updated
The government promises to share more details soon. Keep an eye on official government channels for updates about eligibility criteria, the application process for remaining funds, and the disbursement schedule for future phases.
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