Nigerian govt defers loan disbursement for manufacturers, SMEs till September

The Federal Government has announced that the N150 billion loan disbursement for manufacturers and micro, small, and medium enterprises (MSMEs) will commence in September.

This was confirmed by the Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, during a meeting with beneficiaries of the Presidential Grant and prospective beneficiaries of the MSME Presidential Loan in Calabar, Cross Rivers State, on Sunday.

According to the Minister, over 700,000 applications have been received for the loan disbursement, and verification is currently ongoing. She emphasized that the government is committed to transparency and accountability in the administration of these programs.

The Minister also highlighted the progress of the Presidential Loans and Grant Scheme, stating that 660,320 nano beneficiaries, representing over 60 per cent of the targeted 1 million, have received disbursements across Nigeria’s 774 local governments.

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“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,” she said.

Governor Bassey Otu of Cross River State commended the Federal Government’s initiatives, highlighting their positive impact on the state.

“The Presidential Conditional Grant has been a lifeline for many of our citizens. We’ve seen small businesses flourish and individuals regain their economic footing. This program is truly transforming lives in Cross River State,” he stated.

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.

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