Doris Uzoka-Anite, Nigeria’s Minister of Industry, Trade, and Investment has announced that the federal government will begin disbursement of N150 billion in loans to micro, small, and medium enterprises (MSMEs) by the end of July 2024.
The minister made this disclosure in a post on X (formerly Twitter) on Thursday, June 27, 2024.
FG disburses funds to MSMEs
She also revealed that Nigerians still have opportunities to apply for the Presidential Conditional Grant Scheme.
According to her, the federal government has already disbursed 60% of the expected one million beneficiaries across Nigeria’s 774 local government areas without repayment obligations.
The minister stated.
“The disbursement process is ongoing, and we have allocated about 60% of the 1 million grants.
“Applicants can track the status of disbursements per Local Government Area at grant.fedgrantandloan.gov.ng/learn-more/dis.
In her statement, she acknowledged challenges in the late disbursement such as incorrect data submissions, duplicate applications, and spurious entries, which have slowed down the process.
The minister, however, assured that efforts are underway to resolve the issues swiftly.
Uzoka-Anite further emphasised the government’s dedication to fairness and accuracy in the disbursement process, Punch reports.
How to apply for N50,000 grant
The minister also asked Nigerians interested in the Presidential Conditional Grant Scheme to visit grant.fedgrantandloan.gov.ng.
She stated:
“As we prepare for the commencement of MSME and manufacturing sector loans by the end of July, applications remain open. We encourage all eligible businesses to apply.”
