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The N200bn funding which would be disbursed in three phases by the Bank of Industry aims to cushion the hardship being felt by businesses. Applicants are only eligible to apply with their NIN.
The development was disclosed by the Minister of Industry, Trade, and Investment Doris Anite on Sunday on her official X handle in a post titled “Update on the Presidential Conditional Grant Programme Application Process,”.
She said the move was based on the new regulations from the Central Bank of Nigeria (CBN) directing Nigerians to link their NIN to their bank accounts, an essential step for the continuation of the application process.
Her post reads, “Dear Esteemed Applicants, The Ministry of Industry, Trade, and Investment thanks all applicants for their interest in the Presidential Conditional Grant Programme and assures that applications are being thoroughly processed.
“Due to new regulations from the Central Bank of Nigeria, it is now required for applicants to link their National Identification Numbers with their bank accounts. We currently do not have a record of the NINs of those who applied.
“Therefore, all applicants will receive an SMS from ‘FGGRANTLOAN’ with instructions to submit this information via a secure link. This step is essential for the continuation of the application process.
“Only verified applicants will receive this notification, and NINs must match the applicant’s name for the process to proceed.
“We appreciate your patience and cooperation, and we will keep you updated on your application’s progress. Thank you for your participation and contribution to national growth.”
The development has stalled the disbursement of the grant announced by President Bola Tinubu in a nationwide address in August 2023 for manufacturers and small businesses.
“We are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.
‘’Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital,” Tinubu had said.
