The Nigerian government is poised to commence the disbursement of N150 billion in palliatives aimed at supporting manufacturers and micro, small, and medium enterprises (MSMEs) under the Presidential Palliatives Programme.
This initiative, announced by the Minister of Industry, Trade and Investment, Doris Aniete, is part of a broader effort to alleviate economic hardship in Nigeria.
According to a statement released on August 11, 2024, by the Minister through her spokesperson, Terfa Gyado, "the disbursement is yet to start but they are finalizing the first batch." Aniete revealed that over 700,000 applicants have already applied for the scheme, indicating massive interest and need within the business community.
The programme, which was unveiled in December 2023, allocates N75 billion to MSMEs and another N75 billion to the manufacturing sector.
For manufacturers seeking loans up to N1 billion, the requirements include choosing between working capital or asset financing, maintaining at least a six-month business/corporate banking relationship, and providing additional documentation as required by the bank.
This financial support is designed to cushion the impact of economic challenges faced by businesses in Nigeria. The Minister had initially announced plans to begin disbursement in July 2024, but the process is now set to commence soon, pending the finalization of the first batch of applications.
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