FG Commences Disbursement of ₦200 Billion to Boost 75 Major Firms, MSMEs

…‘700,000 Applications Verified,’ Says Minister

The Federal Government has embarked on a significant economic initiative, disbursing ₦200 billion in loans to support 75 major companies and Micro, Small, and Medium Enterprises (MSMEs). Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, announced this initiative yesterday, highlighting it as a crucial step in revitalizing the economy.

As part of this initiative, 75 large companies will receive ₦1 billion each in single-digit loans starting next month. Additionally, ₦125 billion will be allocated to MSMEs to bolster their operations. Dr. Uzoka-Anite revealed that over 700,000 applications had been verified, paving the way for these disbursements.

During her visit to Cross River State Governor Bassey Otu, the minister interacted with recipients of the presidential grant and prospective MSME loan beneficiaries. She emphasized that this financial support goes beyond mere monetary assistance; it represents a commitment to restoring hope, rebuilding lives, and reaffirming the government’s social contract with its citizens.

The Presidential Conditional Loans and Grant Scheme, a ₦200 billion initiative, is structured to allocate ₦125 billion to MSMEs and ₦75 billion to manufacturers. Companies can receive up to ₦200 million in loans from the ₦75 billion fund, with a repayment plan in place.

To date, over 660,320 nano beneficiaries, representing more than 60 percent of the targeted one million recipients, have received ₦50,000 each across 774 local governments. The remaining applicants are currently undergoing verification.

Dr. Uzoka-Anite stressed the government’s commitment to transparency and accountability in administering these programs. She encouraged community leaders and civil society organizations to actively monitor the implementation of these palliative measures to ensure they reach every corner of the nation.

Governor Otu commended the initiatives, noting their positive impact on Cross River State. He praised the Presidential Conditional Grant for its role in helping small businesses thrive and individuals regain economic stability.

“This program is truly transforming lives in Cross River State,” the governor said.

The special grant program was announced last year by President Bola Ahmed Tinubu to mitigate the economic crisis and address the high cost of living. It also aims to enable large firms to expand their production capacities, thereby generating more employment opportunities.