The Minister of Industry, Trade and Investment, Doris Aniete made this known over the weekend in a statement through her spokesperson, Terfa Gyado.
According to Aniete, over 700,000 applicants have applied for the scheme so far.
She pointed out that for manufacturers, for loans up to N1 billion, applicants must choose between working capital or asset financing, maintain at least a six-month business/corporate banking relationship, and provide additional documentation as required by the bank.
The Presidential Conditional Grant Scheme was part of the Presidential Palliatives Programme unveiled in December 2023 by the government to cushion the impact of economic hardship occasioned by the removal of subsidy from petrol.
The government had dedicated N75 billion to MSMEs and another N75 billion to the manufacturing sector.
