Federal Govt begins disbursement of N200b to 75 big firms, MSMEs

A massive boost to reflate the economy is underway, Minister of Industry, Trade and Investment, Doris Uzoka-Anite said yesterday.

Seventy-five major companies will get N1 billion single-digit  loan disbursement next month, while another N125 billion will be given out as loans to Micro, Small and Medium Enterprises (MSMEs), she said.

Dr. Uzoka-Anite, said the financial support follows the verification of over 700,000 applications.

She spoke during a visit to the Cross River State Governor Bassey Otu and an interaction with beneficiaries of the presidential grant and prospective beneficiaries of loans  to MSMEs.

The minister said: “The 660,320 nano beneficiaries, representing over 60 per cent of the targeted one million, have received disbursements across 774 local governments.”

According to her, it is not just about providing financial support, “but about restoring hope, rebuilding lives, and reaffirming our commitment to the social contract we hold with our people”.

The Presidential Conditional Loans and Grant Scheme is a N200 billion initiative.

MSMEs will receive N125 billion; manufacturers will get N75 billion.

A company can get as much as N200 million as a loan from the N75 billion, to be paid back.

The over 660,320 nano beneficiaries have already received disbursements of N50,000 each, with the remaining applicants undergoing verification.

The loan is designed to help their businesses.

“The impact of this initiative is already being felt, and we are committed to ensuring it reaches every corner of the nation,” Dr. Uzoka-Anite said.

The minister stressed the government’s commitment to transparency and accountability in the programmes’ administration.

She urged community leaders and civil society organisations to actively participate in monitoring the implementation of the palliative measures.

Otu commended the initiatives, highlighting their positive impact on Cross River.

“The Presidential Conditional Grant has been a lifeline for many of our citizens.

“We’ve seen small businesses flourish and individuals regain their economic footing.

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

The special grant programme was announced last year by President Bola Ahmed Tinubu to mitigate economic crisis and high cost of living.

It is also to enable big firms to increase their production so as to be able to generate more employment.