FG Starts Awarding Incentives Totaling N200 Billion To Businesses, Manufacturers
FOLLOWING a thorough selection procedure, the Presidential Conditional Grant Scheme is now being disbursed to verified applicants, according to the Ministry of Industry, Trade, and Investment.
The Federal Government announced that it would be providing N200 billion in funding in three different categories to help businesses and manufacturers around the nation through the Bank of Industry.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, announced that a considerable number of verified applicants will get a significant disbursement by Friday, April 19, after an undisclosed number of beneficiaries had gotten their grants.
She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.
“By Friday, 19th April 2024, a significant disbursement will be made to a substantial number of verified applicants. It is essential to understand that disbursements are ongoing, and not all applicants will receive their grants on this initial date. However, rest assured that all verified applicants will eventually receive their grants in subsequent phases.”
This comes two weeks after applicants were instructed to submit their National Identification Numbers, or NINs, as part of the requirements to obtain the grant intended to mitigate the impact that recent economic reforms have had on businesses in the nation. President Bola Tinubu announced the grant for manufacturers and small businesses more than eight months ago.
In his speech, Tinubu declared his intention to fortify the industrial sector, boost its potential for growth, and generate well-paying jobs.
“We are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.
“Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 percent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu said.
The program had drawn criticism from potential beneficiaries on various occasions due to its complicated registration process and numerous delays.
Femi Egbesola, the president of the Association of Small Business Owners, has complained about the oversight agencies' sluggish data collection process, claiming that legitimate businesses were being purposefully dissuaded from applying for loans.
No comments:
Leave comment here