The Federal Government has postponed the distribution of a N150 billion loan aimed at supporting manufacturers and small businesses until 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 those awaiting the MSME Presidential Loan in Calabar, Cross River State.
The event, organized in collaboration with Cross River State Governor Prince Bassey Edet Otu, provided an opportunity for direct communication between the government and participants in President Bola Ahmed Tinubu’s economic initiatives.
During her speech, the Minister mentioned that over 660,000 beneficiaries, making up more than 60% of the targeted 1 million, have already received funds across the country’s 774 local government areas.
She also revealed that the disbursement process for manufacturers and SMEs would commence in September, following the review of over 700,000 applications.
The Minister stressed the importance of transparency and urged community leaders and civil society organizations to monitor the implementation of these economic support programs.
Governor Bassey Otu praised the Federal Government’s efforts, highlighting the positive effects of the initiative in Cross River State, where many small businesses have thrived, and individuals have regained economic stability.
The Presidential Conditional Loans and Grant Scheme, a N200 billion program, is allocated as N125 billion for MSMEs and N75 billion for manufacturers, aimed at fostering economic growth and job creation in Nigeria.
The event saw the participation of state commissioners and other officials, fostering a collaborative atmosphere between federal and state governments to drive economic empowerment.
