The Ministry of Industry, Trade and Investment has commenced disbursement of the Presidential Conditional Grant Scheme to verified applicants after an extensive selection process.
An unspecified number of beneficiaries have already received their grants, marking the beginning of the phased disbursement strategy.
By Friday, April 19, 2024, a significant disbursement will be made to a substantial number of verified applicants, although not all applicants will receive their grants on this initial date.
However, the ministry has assured that all verified applicants will eventually receive their grants in subsequent phases.
This development comes more than eight months after President Bola Tinubu announced the grant for manufacturers and small businesses, and two weeks after applicants were directed to submit their National Identification Numbers as part of the requirements to obtain the grant.
The grant aims to cushion the effect of recent economic reforms on businesses in the country.
The government, through the Bank of Industry, had previously stated that it would disburse three categories of funding totaling ₦200 billion to support manufacturers and businesses across the country.
However, the program faced multiple delays and a complex registration process, drawing criticism from prospective beneficiaries.
