The Federal Government of Nigeria has announced that 660,320 Nano beneficiaries, representing over 60% of the targeted 1 million, have received disbursements across the country’s 774 local governments.
The remaining beneficiaries are currently undergoing verification.
During an interactive session with beneficiaries of the Presidential Grant and prospective beneficiaries of the MSME Presidential Loan at the Metropolitan Hotel in Calabar, Cross River State, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, provided an update on the initiative.
Uzoka-Anite revealed that over 700,000 loan applications have been submitted by various manufacturers and Micro, Small, and Medium Enterprises (MSMEs). These applications are in different stages of verification to ensure completeness and accuracy. She emphasized that loan disbursements will begin promptly by September once the verification process is completed.
“The N200 billion Presidential Loans and Grant Scheme to revitalize our MSMEs and Manufacturers was announced in July 2023 by His Excellency President Bola Tinubu. The fund was divided into two; N125 billion was allocated to our MSMEs and N75 billion to our Manufacturers,” Uzoka-Anite stated.
The minister further explained that the MSME portion of the program, which amounts to N125 billion, was allocated as follows: N50 billion in conditional grants for nano businesses (N50,000 each across 774 local governments) and N75 billion in loans for MSMEs and start-ups (ranging from N500,000 to N1 million at 9% interest, repayable over 36 months).
This initiative aims to provide significant financial support to small businesses and manufacturers, contributing to economic growth and stability across Nigeria.
