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FG Rolls Out N200bn Palliative Loans To Boost Manufacturing,Businesses

The Ministry of Industry, Trade, and Investment has embarked on the disbursement of the Presidential Conditional Grant Scheme, signaling a significant stride towards supporting manufacturers and businesses across Nigeria.

With a commitment to fostering economic resilience, the government, in collaboration with the Bank of Industry, has allocated a substantial N200bn to aid enterprises grappling with the aftermath of recent economic reforms.

Doris Aniete, in a statement shared on the trade minister’s official X handle, announced the commencement of the disbursement process, marking a pivotal moment in the government’s efforts to provide critical financial assistance. 

While an unspecified number of beneficiaries have already received their grants, Aniete emphasized that another substantial disbursement is scheduled for Friday, April 19, ensuring that a significant number of verified applicants benefit from this initiative.

“This is a momentous occasion as we officially kickstart the disbursement process for the Presidential Conditional Grant Programme,” stated Aniete. 

“While not all applicants will receive their grants on the initial date, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”

The rollout of these palliative loans comes more than eight months after President Bola Tinubu’s announcement, underscoring the government’s commitment to supporting the manufacturing sector and small businesses. Tinubu reiterated his determination to bolster economic growth, emphasizing the allocation of N75bn to fund 75 enterprises with immense potential.

“Our objective is clear: to kickstart sustainable economic growth, accelerate structural transformation, and improve productivity,” Tinubu affirmed.

 “Each of the 75 manufacturing enterprises will have access to N1bn credit at a favorable interest rate, enabling them to expand their operations and create job opportunities.”

The disbursement of these palliative loans signifies a proactive step by the government to mitigate the impact of recent economic reforms on businesses while fostering a conducive environment for growth and innovation.

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