Nigerian government delays disbursement of loans to manufacturers, SMEs until September

The Federal Government has announced that the disbursement of N150 billion loans to 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, more than 700,000 loan disbursement applications have been received and verification is currently underway. He emphasized that the government is committed to maintaining transparency and accountability in the management of these programs.

The Minister also highlighted the progress of the Presidential Loan and Grant Scheme, stating that 660,320 nano beneficiaries, representing over 60 per cent of the 1 million target, had received disbursements across 774 local governments in Nigeria.

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“The Presidential Loan and Grant Scheme is not just about providing financial support; it is also about restoring hope, rebuilding lives and reaffirming our commitment to the social contract we have 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 country,” he said.

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

“The Presidential Conditional Grant has been a lifeline for many of our citizens. We have seen small businesses thrive and individuals regain their economic footing. This program has truly changed lives in Cross River State,” he said.

The Presidential Conditional Loan and Grant Scheme is a N200 billion initiative divided into N125 billion for MSMEs and N75 billion for manufacturers, with funds allocated to support Nigeria’s growth, employment and overall prosperity. Over 660,320 nano beneficiaries have received disbursements, while the remaining applicants are still undergoing verification.

Nigerian government delays loan disbursement for manufacturers, SMEs till September first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.