Businesses to be empowered through Presidential Conditional Grant Programme

The Federal Government has announced the imminent commencement of fund disbursement through its Presidential Palliative Programme, aimed at mitigating the impact of the fuel subsidy removal. According to a statement by the Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, the program comprises the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.

Under the Presidential Conditional Grant Programme, nano businesses in the 774 local government areas will receive a grant of N50,000. The collaboration involves the Federal Ministry of Industry, Trade and Investment, Small and Medium Enterprises Development Agency of Nigeria, state and local governments, federal legislators, federal ministers, banks, and other stakeholders. Eligible nano business beneficiaries are required to provide proof of residential/business address and relevant personal and bank account information for verification.

The Presidential Palliative Loan Programme will disburse N75 billion to micro, small, and medium-sized enterprises across sectors, with an additional N75 billion specifically allocated to manufacturers. The loans, offered at a single-digit interest rate of nine per annum, allow MSMEs to access up to N1 million with a three-year repayment period, while manufacturers can access up to N1 billion for working capital or the purchase of machinery and equipment, with repayment periods of one or five years, respectively.