The Federal Government is preparing to initiate the disbursement of funds through the Presidential Grant and Loan Scheme, targeting over 700 verified manufacturers and Micro, Small, and Medium Enterprises (MSMEs) across the country starting in September.
This initiative is part of a broader strategy to revitalize the economy and provide essential support to small businesses, marking a significant step towards economic empowerment.
Launched in response to economic challenges exacerbated by the removal of fuel subsidies, the Presidential Grant and Loan Scheme aims to bolster small businesses and manufacturers.
The government has allocated N200 billion to this initiative, which includes grants and loans, with a special emphasis on empowering women, youth, people with disabilities, and senior citizens.
Dr. Doris Anite, the Minister of Industry, Trade, and Investment, announced that disbursement will commence in September. She indicated that 660,320 nano beneficiaries have already received funds under the scheme. The next phase will involve loans being granted to over 700,000 verified manufacturers and MSMEs, following a meticulous verification process.
Loans will be offered at a competitive interest rate of 9% per annum, facilitating easier access to necessary funds for business growth and sustainability. The selection process prioritizes 70% of the funds for women and youth, 10% for people with disabilities, 5% for senior citizens, and the remaining 15% for other demographic groups.
The Presidential Grant and Loan Scheme is anticipated to significantly impact the Nigerian economy by stimulating economic activity, creating jobs, and enhancing the livelihoods of many citizens. Governor Otu of Cross River State has praised the initiative, noting its positive effects on local economies and the support it provides to small businesses facing economic challenges.
