Over 700,000 manufacturers and MSMEs whose loan applications crossed the Federal Government’s verification hurdles will receive disbursement next month.
This was as 660,320 nano beneficiaries, representing over 60% of the targeted 1 million received disbursements across Nigeria’s 774 Local Governments.
Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, confirmed development and figures at an interactive session with the beneficiaries of the Presidential Grant and prospective beneficiaries of the MSME Presidential Loan at the Metropolitan Hotel, Calabar, a statement issued by the ministry stated.
The event, which was at the invitation of Cross River State Governor, Prince Bassey Edet Otu, provided a platform for direct engagement between the Federal Government and the beneficiaries of President Bola Ahmed Tinubu’s economic empowerment initiatives.
“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,” stated Dr. Uzoka-Anite.
The Minister emphasized the government’s commitment to transparency and accountability in the administration of these programs, urging community leaders and civil society organizations to actively participate in monitoring the implementation of these palliative measures.
Following the Minister’s address, Governor Bassey Edet Otu commended the Federal Government’s initiatives, highlighting their positive impact on Cross River State.
“The Presidential Conditional Grant has been a lifeline for many of our citizens,” the Governor stated. “We’ve seen small businesses flourish and individuals regain their economic footing. This program is truly transforming lives in Cross River State.”
The event was anchored by Prince Michael Nku Abuo, Special Adviser to the Governor of Cross River State on Intervention and Grants. Also in attendance were various state commissioners and the Chief of Staff, underscoring the state government’s full support for the federal initiatives.
The Presidential Conditional Loans and Grant Scheme is a N200 billion initiative divided into N125 billion for MSMEs and N75 billion for manufacturers, with funds allocated to support growth, employment, and the overall prosperity of Nigeria.
“Over 660,320 nano beneficiaries have already received disbursements, with the remaining applicants undergoing verification. The interactive 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.