The Federal Government of Nigeria has announced significant progress in its ongoing disbursement of funds under the Presidential Loans and Grant Scheme, aimed at revitalizing Micro, Small, and Medium Enterprises (MSMEs) and manufacturers across the country. To date, 660,320 beneficiaries, representing more than 60% of the targeted 1 million Nano businesses, have received financial support across Nigeria’s 774 local government areas. The remaining beneficiaries are currently undergoing verification.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, disclosed this development during an interactive session with beneficiaries of the Presidential Grant and prospective applicants for the MSME Presidential Loan. The session took place over the weekend at the Metropolitan Hotel in Calabar, the capital of Cross River State.
Uzoka-Anite highlighted the overwhelming response to the scheme, with over 700,000 applications submitted by MSMEs and manufacturers. These applications are now at various stages of verification, a process the minister emphasized as crucial to ensuring the integrity of the program. “We are committed to ensuring that the information provided by applicants is complete, genuine, and accurate,” she stated, adding that loan disbursements are expected to begin in September once verification is complete.
The Presidential Loans and Grant Scheme, which was launched in July 2023 by President Bola Tinubu, is a N200 billion initiative designed to support the growth and sustainability of Nigeria’s MSMEs and manufacturing sectors. Of this amount, N125 billion has been allocated to MSMEs, with N50 billion set aside for conditional grants to Nano businesses, providing N50,000 each to recipients across all 774 local governments. The remaining N75 billion is designated for loans to MSMEs and start-ups, offering amounts between N500,000 and N1 million at a 9% interest rate, repayable over 36 months.
“The scheme is structured to provide much-needed financial assistance to our small businesses, helping them to scale and create jobs,” Uzoka-Anite explained. “For our manufacturers, N75 billion has been earmarked to provide loans of up to N1 billion at a 9% interest rate, with a 60-month term for equipment financing and a 12-month term for working capital.”
The minister further emphasized the government’s commitment to transparency and accountability in the administration of the scheme, noting that regular engagements with beneficiaries are part of this effort. “Our engagement with the beneficiaries is not just a routine visit but a fulfillment of the government’s pledge to ensure that public resources are managed effectively and reach those who need them most,” she said.
During the event, Dr. Prince Michael Nku Abuo, the Special Adviser to the Governor of Cross River State on Intervention and Grants, expressed his appreciation for the state government’s support in the initiative. He revealed that the governor had allocated funds to establish teams across all 196 wards in the state to collect and submit data to Abuja, ensuring that no eligible beneficiary is left out.
Abuo, who also serves as the state’s focal point for the presidential palliative program, stressed the importance of monitoring the utilization of funds by beneficiaries. “We have organized the beneficiaries into clusters, each led by a head who will report on how the funds are being used. Additionally, we will provide further support through training and capacity-building programs to ensure that these businesses thrive,” he added.
